After 114 years, the legislation around Incorporated Societies in New Zealand has been updated. Moore Markhams audit partner, Andrew Steel has reviewed the legislation and shares the key changes to be aware of.

Larger charities and not-for-profits will be required to formally report service performance information as part of their year-end financial statements for financial years ended 31 December 2022 onwards. Now’s the time to start thinking about how best to achieve this.

The Income Tax Act 2007 requires a donation to be a “…gift of money of $5 or more…”, but what does this phrase mean? Confusion arises because monetary gifts can take various forms. A dispute on the issue has been making its way through the Courts.