The Federal Government is proposing changes to financial reporting for not-for-profits (NFPs), which will impact many small and medium arts organisations. These changes will require all organisations that prepare financial reports under legislation or their governing documents to transition to General Purpose Financial Statements (GPFS).

Theatre Network Australia (TNA) has made a submission to ensure the needs of small and medium performing arts organisations are considered.

What’s Changing?

• SPFS will no longer be allowed – all organisations required to prepare financial statements will need to use GPFS instead.
• A new Tier 3 GPFS framework will be introduced to simplify reporting for smaller organisations.
• Many TNA members already conduct audits and prepare GPFS due to government funding requirements, meaning the impact may be minimal for them.
• However, small organisations without funding-driven audits will need to transition to GPFS, which could increase compliance complexity and costs.

What TNA is Advocating For

Based on consultation with members, TNA has recommended:

✅ Keeping Tier 3 GPFS genuinely simple to prevent added administrative burden.
✅ Providing training and resources to help small organisations transition.
✅ Extending the transition period so organisations have time to adapt.

Read More

📄 TNA’s Full Submission – Read the detailed response outlining our advocacy for the sector.

📄 Overview of the Proposed Changes – A breakdown of what’s changing and how it may impact your organisation.