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Charities & NFP Reform overview – START HERE

In summary the changes facing the charity and non-profit sector are the largest seen in the history of our country.

What By when Material
New UBIT (Unrelated Business Income Tax) regime (2011‑12 Budget  measure to better target NFP tax concessions) Effective from 10 May 2011 Federal Government to move to shut the “Word Investments” gate and tax charities on unrelated business income

Consultation Not For Profit “unrelated business tax” / UBIT reforms

Start date for new unrelated commercial activities (post 10 May 2011) deferred form 1 July 2011 to 1 July 2012
New “In Australia” special conditions Mid 2012 First Exposure draft: ‘In Australia’ Special Conditions for Tax Concession entities

Second Exposure Draft (issued 18 April 2012): Restating and standardising the special conditions for tax concession entities (including the ‘in Australia’ conditions)
New School or College Building Fund draft ruling Final ruling expected August 2012 New draft TR 2011/D5
New not for profit governance arrangements (including the external conduct standards) 1 July 2013 Consultation Paper – Review of Not-for-profit Governance Arrangements

Commencement date deferred from 1 July 2012 to 1 July 2013
ACNC (Australian Charities and Not-for-profits Commission) 1 October 2012 ACNC start date extended to 1 October 2012
New statutory definition of Charity  1 July 2013 Consultation Paper – A Definition of Charity
New ACNC public reporting for Charities

(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)

  1 July 2013 Exposure Draft of the Australian Charities and Not-for-profits Commission Bill 2012 together with 11 supporting Fact Sheets and Explanatory Materials

Draft ACNC legislation to be refered 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 in 2012.
New Charitable fundraising regulation reform Unknown  Discussion paper and Fact Sheet

 

Please Note: This is not legal advice but it may help you understand the law. Read more...