IN THIS ISSUE

As specialists across the Association space, we get asked this question a lot. Given the impact these decisions have on the functioning of your organisation, we thought we would reshare our article explaining the differences of each structure.

Company Limited by Shares

A company limited by shares is one of the most popular commercial vehicles used in Australia today. It refers to a company in which the liability of its members is limited to the amount (if any) unpaid on the shares held by them.

These companies, therefore, provide shareholders with limited liability. Similarly, the directors of a company limited by shares are also not liable for the debts of the company. Read More..
The ACNC are changing the levels of reporting thresholds for the financial years commencing 1st July 2022 as per the table below.  The changes will soon see thousands of charities re-classified – particularly from medium-sized to small – with their reporting obligations to the ACNC to change so they more appropriately match the size of their operations. 

 The table here compares the old and new revenue thresholds for determining whether your charity is small, medium or large for financial reporting purposes.

On the 15 February, ACNC held a webinar providing more information to charities about the changes. 

From the 5 April 2022, new directors appointed for the first time now must obtain their director ID prior to their appointment. 

Directors who fail to act on applying for their director ID within the specified time frame or have not been granted an extension will be referred to ASIC for enforcement action.

When you must apply depends on when you were appointed as a director:

  • New directors appointed for the first time between 1 November 2021 and 4 April 2022 must apply within 28 days of their appointment.
  • From 5 April 2022, intending new directors must apply before being appointed.
  • Directors appointed before 1 November 2021 have until 30 November 2022 to apply.
It is a criminal offence if Directors do not apply on time.
Apply for your Director ID
Application for extension of time to apply for a Director ID
The Australian Bushfire Management Association launched on the 12 April 2021.The Board engaged TAS to assist with the startup in the financial, governance and marketing space. They have since hit the ground running and have members from across the country and several international   members.

We had the opportunity to catch up with Lindsay to discuss the association start up and some of the challenges they faced.
 
Client Conversations - Lindsay McIver, President Australian Bushfire Management Association - Read Here
Over 700 event industry professionals reunited and reengaged at the Get Local Expo, that was held at the International Convention Centre, Sydney. After being postponed several times, the much anticipated program included several keynotes and education sessions. 

As an appointed ambassador of the Event, TAS’ Managing Director, Nell Harrison, identified the below three take aways for Conference organisers to consider:

1. Air quality and ventilation - To help mitigate the spread of COVID-19 during your conference or event, air quality and ventilation is fundamental.  Conference and event organisers need to work with venues to ensure that spaces being utilised are well ventilated to minimise the build up and stagnation of infectious aerosols indoors (including those containing the COVID-19 virus)
2. The importance of risk management and communication strategies -  As face to face events are heading back to business, it is vital to have a detailed risk management plan in place, along with a well developed communication strategy to build and maintain confidence for attendees.
3. Rethinking your social program strategy - For your first face to face conference or event, it is crucial to rethink your social program to enable and facilitate ample reconnection opportunities for attendees. Don't spend big bucks on entertainment!

TAS will be publishing a paper based on their education session Risky business… 2022 Event Landscape and beyond… Deliberation, Diversify & due diligence. Look out for this in the coming weeks in your inbox.

Corporations Act has been changed – Virtual and Hybrid AGM’s

The Corporations Amendment (Meetings and Documents) Bill 2021 was passed. The amendment was to establish a permanent mechanism to allow companies and registered schemes to hold hybrid meetings and use technology to execute, sign and share company and meeting related documents.

The changes were welcomed to suit and meet the requirements of the current landscape, it reflects the continued constraints with meeting in person across the country. This is an excellent time for Associations to review their Constitution to ensure it is fit for purpose said Nell Harrison, Managing Director, TAS.

The Bill provides for permanent amendments to the Corporations Act 2001 (Cth) in relation to:

  • Execution of documents – New provisions to allow corporate documents to be signed electronically and allowed for a split execution of signed documents.
  • Sending notices electronically.
  • Holding on-line meetings – (noting that there may be a requirement for some Associations to amend their Constitution)

The Act will commence on the later of the day after the Bill receives Royal Assent and 1 April 2022 (when the temporary COVID relief regulations expire).

TAS will continue to keep our clients updated of these latest changes and will provide further up to date and relevant information where appropriate.

TAS offers strategic Constitutional Consultancy, please contact us direct to discuss how our Governance experts can assist. lynne@theassociationspecialists.com.au 
TAS is excited to see the return and long term planning of face to face events and are pleased to confirm the following new conferences.
  • National Economic Development Australia Conference 2022
  • 8th International Conference on Airborne Electromagnetics 2023
  • Sociolinguistics Symposium 25 Conference 2023
  • Australian Society for Psychological Medicine Conference 2023
Twitter
Website
LinkedIn

This email was sent to [email address suppressed]. If you are no longer interested you can unsubscribe instantly.