The Assistant Treasurer has announced that the introduction of Not-for-profit (NFP) sector reforms concerning the Australian Charities and Not-for-profits Commission (ACNC) will be staged to allow organisations to transition to the new regulatory framework. The ACNC will commence operations from 1 October 2012 as previously announced, however the governance standards, including the external conduct standards, and the financial reporting framework will now commence on 1 July 2013 with the first financial reports for medium and large registered entities now beginning to fall due after 1 July 2014. The ACNC will initially only regulate charities.
Mr Bradbury said that as the governance standards and the financial reporting framework are finalised, the ACNC will work with the sector and provide guidance and information to help charities transition to the new regulatory framework.
The Assistant Treasurer said the Government proposes to refer the draft ACNC legislation to the House of Representatives Standing Committee on Economics for an inquiry over the Winter Parliamentary break. The Government will then consider any recommendations the Committee makes, before introducing the legislation later this year ahead of the ACNC’s 1 October 2012 start date, he said.
Source: Assistant Treasurer’s press release No 032, 17 May 2012
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