Not For Profit Archives - The Accounting Hub

Category: Not For Profit

Upcoming changes to tax rules for not-for-profits – have your say

Posted by Helen Willis
on March 19, 2025

The IRD has released a consultation document examining the tax treatment of the not-for-profit sector in New Zealand. This review could lead to significant changes in how not-for-profits are taxed, particularly those operating businesses. If you’re involved in a charity, [read more...]

Incorporated Societies Act 2022: new requirements & re-registration by April 2026

Posted by Andrew Millington
on March 1, 2025

The Incorporated Societies Act 2022, which came into force on 5 October 2023, modernised the legal framework for incorporated societies in New Zealand, replacing the outdated Incorporated Societies Act 1908. This new legislation introduced several key changes aimed at improving [read more...]

What trusts are exempt from full IRD compliance?

Posted by Helen Willis
on January 8, 2025

Trusts play a significant role in managing wealth, protecting assets, and ensuring succession planning in New Zealand. However, with increased scrutiny from Inland Revenue (IRD) under evolving tax regulations, not all trusts are subject to the same compliance obligations. Understanding [read more...]

Understanding tax for incorporated societies

Posted by Helen Willis
on November 1, 2024

At The Accounting Hub, we often act for incorporated societies set up for a range of purposes including industry associations and community organisations. Sometimes we get asked questions along the lines of “if we’re an incorporated society, aren’t we tax-exempt?” [read more...]

Not-for-profits: understanding income tax and GST on grants and subsidies

Posted by Helen Willis
on September 24, 2024

Grants and subsidies are essential for not-for-profits to fund their initiatives, but the associated tax implications can be complex. While not-for-profits that are registered charities are exempt from paying income tax on most types of income, this does not automatically [read more...]

Overview of new Tier 3 Not-For-Profit Standard

Posted by Helen Willis
on September 12, 2024

Our regulatory environment is constantly changing, the not-for-profit (NFP) sector is not immune. The recent revisions to the Tier 3 (NFP) Standard, effective from April 1, 2024, will impact many small to medium NFPs and charities in New Zealand and [read more...]

Tier 3 not-for-profit financial statements: a beginner’s guide

Posted by Helen Willis
on October 24, 2023

April 2024 update: some minor changes made, see here. Many not-for-profit organisations fall under the Tier 3 standard which is a specific set of accounting standards designed for smaller entities, usually organisations with relatively simple financial structures and limited resources. [read more...]

Guide to Agreed Upon Procedures

Posted by Maria Burcher
on June 16, 2022

What are “Agreed Upon Procedures” and can they be useful for your business, community organisation or body corporate? What are Agreed Upon Procedures? Agreed Upon Procedures (AUPs) are a type of an engagement where a practitioner is hired to test [read more...]

What’s new for non profits: tax changes

Posted by Helen Willis
on January 24, 2020

It’s now been almost ten years since the maximum limit on tax credit for donations was removed, and in this time donor concessions in New Zealand have increased from 100 million per year to over 280 million per year! Inland [read more...]