The regulations outlining Annual Member Meeting Notice requirements have been registered. This follows draft regulations being released for consultation in July.
The regulations registered today and accompanying explanatory statement can be found here.
The key changes from the original regulations
Commencement date of the regulations is Friday 9 September and will apply to a notice given from that date for an income year ending on or after 30 June 2022.
- The one page short form summary no longer must be the only information on the page, allowing funds to provide some explanations to accompany the short form summary, however it is not intended to allow promotional material or information that will detract from the aggregated expenditure information
- Only aggregate expenses in each category must be disclosed, not line by line expenses
- The definition of related party now aligns with accounting standards
- Political donations will need to be itemised as the section they are contained within the Regs 2.10 (1) (f) has not been repealed.
The regulations are subject to the disallowance process, more information on this can be found here