The Assistant Treasurer on Mon 11.3.2013, advised that the Government is in the process of finalising the ACNC financial reporting framework and that “these regulations will be made available soon”.

In December 2012, the Government issued for consultation draft regs on a new financial reporting framework for charities registered with the Australian Charities and Not-for-profits Commission (ACNC). The draft financial reporting regulations, among other things, set out the content requirements for financial reports to be lodged with the ACNC.

Mr Bradbury also advised that the Government will “soon release exposure draft legislation for a statutory definition of charity, which will aim to provide a clear and succinct definition of charity through codifying the existing Common Law definition”.

Mr Bradbury also reported progress by state governments to move towards a national approach to regulation.

  • The SA Government in October last year progressed changes to align its regulatory framework for incorporated associations and fundraising with the ACNC, Mr Bradbury said.
  • The ACT will also be making changes which will carve out charities registered by the ACNC from regulatory requirements under relevant ACT legislation, such as the Associations Incorporation Act 1991 (ACT) and the Charitable Collections Act 2003 (ACT).

Source: Speech by Assistant Treasurer at CPA Not-For-Profit Conference 2013, 11 March 2013; Assistant Treasurer’s media release No 030, 11 March 2013

[LTN 47, 11/3/13]