The Australian Charities and Not-for-profits Commission Bill 2012 and Australian Charities and Not-for-profits Commission (Consequential and Transitional) Bill 2012 both received Royal Assent on Mon 3.12.2012, as Act Nos 168 and 169, respectively, of 2012.
- The Bills were originally introduced into the House of Reps on 23 August 2012 and establish a new regulatory system for the not-for-profit (NFP) sector, including the new Australian Charities and Not-for-profits Commission (ACNC).
- The ACNC was due to commence operations on 1 October 2012, but the Assistant Treasurer has now announced that the ACNC commenced operation on Mon 3.12.2012.
- Earlier this year, the Assistant Treasurer said the short delay to the commencement date would not have a material impact on the sector with the governance standards, including the external conduct standards, and the financial reporting framework not commencing until 1 July 2013 and the first financial reports for medium and large registered entities not falling due until after 1 July 2014.
The Australian Charities and Not-for-profits Commission Bill 2012 will establish a new independent statutory office, the Australian Charities and Not-for-profits Commission (ACNC), which will be the Commonwealth level regulator for the NFP sector. The Bill will also establish a new regulatory framework for the NFP sector.
The Consequential and Transitional Bill provides transitional registration arrangements for certain entities that are endorsed under Div 50 of the ITAA 1997.
Further information about the ACNC is on its website.
[LTN 234, 3/12]