The Department of Finance (“Finance”), released the Federal Government’s 2024 Fall Economic Statement on December 16, 2024. While not the focus of the 2024 Fall Economic Statement, there are a number of items which are of significance to both the charitable and not-for-profit (“NFP”) sector in the event that they are included in a future federal budget. Specifically, the 2024 Fall Economic Statement proposes changes to reporting requirements for non-profit organizations (“NPOs”), confirms the Federal Government’s intention to proceed with relevant legislative proposals relating to tax measures and reproductive service charities, and states that the Government will initiate consultation and dialogue with NPOs regarding anti-money laundering/anti-terrorist financing practices and initiatives.
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