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
Updated: 11 May 2024 Q: What is the difference between a Charitable Trust and an Incorporated Society? Which is best for me? The differences are clearly explained on the Registrar of Incorporated Societies website and on this very helpful blog post on the DIA Charities website. The Community Net Aotearoa 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
Asking “What is the “best” legal structure for a non-profit organisation” may be seen as the ‘how long is a piece of string’ type of question as the answer is far from straightforward and is dependent upon a number of factors. Indeed, in some cases, a not-for-profit organisation doesn’t even need Read more
Q: Can you define a not for profit organisation? “There is no single agreed term that fully describes the nonprofit sector in Aotearoa/New Zealand. Rather, a number of terms are commonly used that refer to all or part of it. The application of these terms to organizations and to fields Read more
(Updated) In our discussions with those thinking about establishing a not-for-profit organization, it is apparent that there is still a lot of confusion about the terms ‘non-profit’, ‘not for profit’ etc. The various terms are used imprecisely and interchangeably, though the term ‘Registered Charity’ is used to refer to an organisation Read more
Q: I am trying to determine if a non-profit is registered. Is there a list of ‘official’ not for profit organisations? A: There is no complete list of non-profit organisations in NZ. Not all non-profits are formally registered with a government department (and not all not for profit groups have to Read more