We are grateful to our friends at GRANT THORNTON NEW ZEALAND who have alerted us to an IRD discussion document which could potentially have major ramifications for a wide variety of “mutual associations” including incorporated societies that are not also registered NZ charities. -o0o- Inland Revenue has just released a Read more…
New Zealand’s incorporated societies sector is undergoing its most significant legal reform in over a century. The Incorporated Societies Act 2022 replaces the Incorporated Societies Act 1908, modernising the legal, governance, and accountability framework for the country’s 23,000+ incorporated societies. All existing societies must re-register under the new Act by Read more…
A recent newsletter from RAINEY COLLINS LAWYERS discussed the above topic. The article starts: “There are some key differences between charitable trusts and incorporated societies. Which entity works best for you will depend on the type and goals of your organisation. Incorporated society An incorporated society is a membership-based organisation. Read more…
Updated 31 May 2024 Q: We are a church which is a Registered NZ Charity. Some members have suggested that we should, in addition to registration with DIA Charities Services, ‘Incorporate’ with the Companies Office (Registrar of Incorporated Societies). Is this step necessary or advisable? What are the pros and Read more…
The External Reporting Board (XRB) is the Independent Crown Entity responsible for setting external reporting standards. In the latest news and information bulletin (September 2022) XRB advises: “The new Incorporated Societies Act 2022 has changed how incorporated societies need to report. The Act requires all but the smallest societies to Read more…
“The Incorporated Societies Act 2022 that was passed in April this year brings about many changes to how societies operate. One of the areas of change is how societies prepare their financial statements. From October 2023, once a society re-registers, it will have to start using External Reporting Board (XRB) Read more…
The new Incorporated Societies Act 2022
Incorporated Societies The Registrar of Incorporated Societies does not require that the financial statements of Incorporated Societies or Charitable Trusts are audited or reviewed. However, the organisation’s rules may require an auditor or reviewer to be appointed. Many societies and trusts find the cost of auditing (or even of reviewing Read more…
Dave Henderson and Sue Barker have been heavily involved in following proposed changes to the legislation on Charities and Incorporated Societies, keeping the sector updated, and being involved in discussions with government ministers and officials. At the end of February we received an update from them. With permission, and without Read more…