Are you a small charity or incorporated society paying too much in accounting fees? I recently met with a small incorporated society that was paying more than $4,000 per year for their annual financial statements. The reports prepared used the [read more...]
It seems there is barely a month that goes by without another story appearing in the news about an employee who has stolen thousands, sometimes hundreds of thousands, of dollars from their employer. The reality is that most fraud does [read more...]
The new Incorporated Societies Act 2022 introduced significant change to how societies operate in New Zealand. As we outlined in our earlier post on the new requirements and the need to reregister by 5 April 2026, many societies are now [read more...]
For many not-for-profits (NFPs), external funding keeps the doors open and the mission alive. But while it’s tempting to call all incoming funds “donations,” the reality is not everything that looks or feels like a donation is tax-free. Misclassifying sponsorships, [read more...]
If you’re setting up a professional organisation or running a not-for-profit, the first big question is often, should we register as a charity? Many groups assume that’s the gold standard but in reality, registering as a charity doesn’t suit every [read more...]
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...]
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into force on 5 October 2023, modernised the legal framework for incorporated societies in New Zealand, replacing the outdated Incorporated Societies Act 1908.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...]
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...]
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...]
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...]
