The Australian Charities and Not-for-profits Commission Bill 2012 and Australian Charities and Not-for-profits Commission (Consequential and Transitional) Bill 2012 have passed all stages with amendments and await Royal Assent.
The Bills establish a new regulatory system for the not-for-profit (NFP) sector, including the new Australian Charities and Not-for-profits Commission (ACNC).
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Chartered Accountants say there’s still issues and too little time to implement
The Institute of Chartered Accountants Australia (the Institute) says the passing of legislation to support widespread reform of the charities and not-for-profit sector is a significant step forward, but notes questions on reporting and governance requirements still remain. The Institute also noted other concerns that “the timeline for implementation will be too brief and consultation on supporting regulations too rushed.”
Source: ICAA media release, 1 November 2012
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