- A broad range of changes have been proposed to the way NZ Incorporated Societies operate
- The Bill is expected to be introduced to Parliament later this year
- There are key changes to reporting and assurance requirements to be aware of
A draft Incorporated Societies Bill, which proposed a broad range of changes to the way incorporated societies operate, was open for public consultation from October 2015 to June 2016. An overwhelming 116 submissions were received from organisations as diverse as Master Plumbers, NZ Winegrowers, Federated Farmers, Acupuncture New Zealand and the Cycling Action Network. The Ministry of Business Innovation and Employment (MBIE) considered these submissions and, in May 2019, the Government’s Cabinet Economic Development Committee reviewed the proposals and announced its intended amendments to the draft Bill. The Bill is expected to be introduced into Parliament later this year.
A wide range of groups and organisations operate as incorporated societies, including sports clubs, social clubs, music and cultural groups, special interest and activist organisations. There are more than 23,000 incorporated societies currently on the register.
In this article, Nicola Hankinson CA, National Technical Manager, and Stephanie Wylde CA, Senior Consultant, Business Advisory Services from Baker Tilly Staples Rodway consider the key proposed amendments in relation to reporting and assurance requirements, as well as the transition process.