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According to the Association of Certified Fraud Examiners (“ACFE”), NFPs lose about 5% of revenue annually to fraud, and small businesses globally have an annual median loss to fraud of $200,000.

New regulations are changing how some incorporated societies report their finances. The Incorporated Societies Act 2022 replaces the 1908 Act, marking the first major overhaul in more than 100 years.

The rules around calculating a company’s taxable income are well established. But what if you’re a mutual association – a resident’s association, membership organisation or industry group (among others)?

Inland Revenue has just released a draft operational statement (ED0265) about the income tax treatment of transactions between not-for-profit associations (Mutual Associations) and their members.

A consultation paper released by IRD is a reminder that charities and NFPs need to think hard about tax compliance to ensure they get it right. Because they often don’t pay income tax, those managing NFPs often see tax as less of a priority than their private sector equivalents.