New national regulator of charities – what it means for you and your organisation
The Australian Charities and Not-for-profits Commission (ACNC) is the new national regulator of charities. Coming into effect early December 2012, the ACNC will determine charitable status and register new organisations as charities.
The ACNC will be the Independent Commonwealth regulator of charities. The ACNC will:
• Register charities
• Help charities to understand and meet their obligations by giving them information, guidance, advice and other support
• Maintain a free searchable Register, of all charities in Australia
• Work with Commonwealth, state and territory governments and agencies to develop a ‘report-once, use often’ reporting framework for charities
In future, the ACNC may register and regulate other not-for-profits that are not charities, but this will not happen before 2014 and would require a decision of the Commonwealth Government.
After the ACNC starts, all registered charities will have ongoing obligations, including to:
• Notify the ACNC of changes to the charity’s details
• Report to the ACNC each year
• Comply with governance standards when introduced (expected to be 1 July 2013)
The ATO will continue to make decisions about eligibility for Commonwealth tax concessions. Organisations already recognised (endorsed) by the ATO as charities will automatically be registered with the ACNC.
If you require assistance with you not-for-profit organisation or charity or have any questions in regards to the ACNC our dedicated accountants and lawyers at The Quinn Group can assist you. Contact us on 1300 (QUINNS) 784 667 or +61 9223 9166 to arrange an appointment or submit an online enquiry.