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Changes for Not-For-Profits
Thursday 17 January 2013
Australia’s first national, independent regulator for the not-for-profit sector, The Australian Charities and Not-for-Profit Commission (ACNC) is now established and became operational on 3rd December, 2012. Many “charities” endorsed by the Australian Taxation Office that had pre-existing tax exemptions have now automatically been registered with ACNC and will need to report and comply with various new requirements.
Charities affected may include community health services, aged care and welfare organisations, non-government schools and religious groups. Organisations that are generally not endorsed as charities include sporting, recreational and social clubs, professional or trade groups and political parties.
Registration information is available through the ACNC website and via the ACNC register. The ACNC website also provides other detailed information including the definition of a Charity and which organisations will be administered by the ACNC and should consider registration if not automatic.
Requirements vary depending on the size of the organisation’s annual revenue but include maintaining information about governing body members, financial and operational records and reporting annual financial information. Some requirements are being phased in and the ACNC is emphasizing that any obligations imposed may be additional to existing obligations from other regulators including ASIC, Consumer Affairs and Government departments - unless informed otherwise.
One of the key points about ACNC’s jurisdiction is that it does not matter what form or legal entity structure the organisation has, the ACNC may now impose some compliance responsibilities for many not-for-profit charities that have not reported to regulators previously. Entities may include companies, trusts, incorporated associations and other unincorporated bodies.
To search the ACNC register and see whether your organisation or any other organisation has been automatically registered, click Search the ACNC register
If you would like advice or assistance on this matter, please contact your local Accru advisor.
Find out more at Accru Melbourne’s seminar, presented by Jon Reid; a Director from the ACNC. Register here