ASIC announced on Tue 18.6.2013, and it and the Australian Charities and Not-for-profits Commission (ACNC) have formally agreed to collaborate and assist each other to achieve their objectives and to deliver streamlined regulation for registered charities that are also registered with ASIC as companies. ASIC Chairman Greg Medcraft and ACNC Commissioner Susan Pascoe AM have signed a memorandum of understanding (MOU) to consolidate and strengthen the working relationship between the 2 agencies.
The new MOU is a principles-based document that will underpin the future relationship between ASIC and the ACNC. It allows for information sharing, staff secondments, mutual training arrangements, joint taskforces and service agreements. It does not affect the legal position on what information may or may not be disclosed to the other agency. Both agencies remain subject to existing secrecy and confidentiality provisions in the law.
Last year, the ACNC and ASIC announced that charities registered with ASIC (estimated to be approximately 6,000) would now primarily report to the ACNC and they would not need to pay the ASIC annual review fee. There is no fee to report to the ACNC or to become a registered charity.
Source: ASIC release 13-144MR, 18 June 2013
[LTN 115, 18/6/13]