The Government is required to review operation of the ACNC, under legislation, now that it has been in operation for 5 years. The Legislation requiring this review is the Australian Charities and Not‑for‑profits Commission Act 2012 and theAustralian Charities and Not-for-profits Commission (Consequential and Transitional) Act 2012 both commenced operation in December 2012.
This review presents an opportunity to evaluate the performance of the legislative framework, the regulation of the sector and to identify any improvements that can be made.
Currently, the ACNC only regulates charities and not other not for profits.
Charities have annual revenue of $143 billion, or over 8 per cent of Australia’s GDP. They employ more than 1.3 million people and engage 3 million Australians in volunteering their time and effort to helping others. There are 55,000 charities regulated by the ACNC.
But if the entire not for profit sector were considered, the number of volunteers would double to 6 million volunteers. A recent assessment identified approximately 257,000 non-profit organisations operating in Australia.
To inform the panel’s review, the Government has released a terms of reference. Written submissions from all interested parties in response to the terms of reference are due by 28 February 2018. Further information can be found on the Treasury consultation website.
The Government will closely monitor the review and its findings.