Here are some extracts from the Media Release by The Hon David Bradbury MP on 17 May 2012:
“Not-for-profit sector reforms will be staged to allow organisations to transition to the new regulatory framework, Assistant Treasurer David Bradbury announced today.
The Australian Charities and Not-for-profits Commission (ACNC) will commence operations from 1 October 2012 as previously announced, while 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.
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.”
The draft ACNC Legislation is therefore expected to:
- have some redrafting work done it;
- be considered by the House of Representatives Standing Committee on Economics in June. There is likely to be further scope for submissions at this point but the time window for doing so fairly short;
- be introduced to parliament and hopefully passed in July (in time for the commencement of the ACNC from 1 October 2012).
Full Media Release can be viewed here: http://ministers.treasury.gov.au/DisplayDocs.aspx?doc=pressreleases/2012/032.htm&pageID=003&min=djba&Year=&DocType=
If you have a query about the regulatory reform for the not for profit sector, contact us
Contact our Business Development Team for an appointment with our Brisbane Not for Profit and Charity lawyers. Call (07) 3252 0011.