Federal Government Extends NFP Consultation Deadlines
9 January 2012 at 10:57 am
The new Federal Assistant Treasurer, Mark Arbib has extended a number of tight deadlines imposed on the Not for Profit sector as part of the Government’s reform process.
However, Arbib says that after discussions with the sector he is extending the deadline to 27 January 2012.
“The Government acknowledges that this is still a tight timeframe for any consultation. However, it is important that the principles of a governance framework are worked out, so that they can be included in the legislation for the Australian Charities and Not-for-Profits Commission (ACNC), which is due to go before Parliament in the first quarter of 2012”, said Arbib.
On 9 December 2011 the Government also released an exposure draft of the ACNC legislation, which is the latest element of a consultation process that started in January this year.
Submissions on the legislation will also be extended to 27 January 2012.
“There is still much to do before 1 July 2012, when the ACNC becomes operational, along with work on other NFP reforms, like the introduction of a statutory definition of charity.
The new Assistant Treasurer says he is looking forward to working with the sector in 2012 as the Government moves into the next phase of the NFP reform agenda.
Here’s a snapshot of the Government’s updated agenda:
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extending the closing date for submissions on the exposure draft of the ACNC legislation to 27 January 2012
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extending the closing date for submissions on the consultation paper on the governance framework for the NFP sector to 27 January 2012
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the release of a discussion paper on the design of ACNC administrative systems. The closing date for submissions on this paper is 27 February 2012
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further consultation on the better targeting of NFP tax concessions measures is proposed for early 2012
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an exposure draft of a proposed definition of charity is due for release for public consultation around mid-2012
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a second exposure draft for consultation on the 'in Australia' principle is expected in early 2012
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working with the states and territories towards national regulation for the NFP sector
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a discussion on the NFP reforms and how they fit together.
The Consultation paper provides a clear picture of generally what the government intends but it also reveals the lack of a detailed understanding of the practical issues that these important reforms must deal with.
Without thhe new statutory definition of charity, without the “in Australia” and “unrelated business” rules properly finalized, Many charities will face uncertainty as they apply for their registration with ACNC.
Without strict compliance with National Standard Chart of Accounts and clearly stated definitions of the terms used in the financial summary information, the ACNC register will contain incomparable data.
Let’s get it right the first time! Why not slow this process down to get the building blocks properly in place before we rush into 2012-2013 financial year with rushed and flawed implementation.