The Assistant Treasurer, David Bradbury, has announced that the Australian Charities and Not-for-Profits Commission (ACNC) will be implementing its reforms in a staged fashion in order to adequately and appropriately assist with the necessary transition.
The ACNC will commence operations on 1 October 2012 as previously announced. The governance standards and financial reporting framework will now commence on 1 July 2013, with the first financial reports for medium and large registered entities falling due after 1 July 2014. The ACNC will initially only regulate charities.
The Government will refer the draft ACNC legislation to the House of Representatives Standing Committee on Economics for an inquiry over the Winter Parliamentary break, and will consider any recommendations the Committee makes before introducing the legislation later in 2012.
For more information:
May. 21, 2012
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