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News  |  Governance

ACNC Regulator? What Now?


Tuesday, 4th December 2012 at 8:56 am
Staff Reporter
Although the title of the ACNC legislation extends to charities and Not for Profits, at this stage the regulator only covers ‘charities’, says Sydney-based law firm Makinson & d'Apice.

Tuesday, 4th December 2012
at 8:56 am
Staff Reporter


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ACNC Regulator? What Now?
Tuesday, 4th December 2012 at 8:56 am

Although the title of the ACNC legislation extends to charities and Not for Profits, at this stage the regulator only covers ‘charities’, says Sydney-based law firm Makinson & d'Apice.

The legal experts say there is the possibility for Not for Profits (who are not charities) being regulated under the ACNC Acts at a later stage.

It says until a statutory definition of charity has been finalised (with a briefing paper expected early in 2013 and the definition likely to take effect on July 1, 2013) a ‘charity’ will be understood to encompass organisations for: the relief of poverty, advancement of education, advancement of religion and other purposes beneficial to the community (including childcare, self-help and contemplative orders).

“In other words, the existing common law interpretation of what constitutes a charity will continue to apply until 1 July 2013,” Makinson & d'Apice Partner Bill d’Apice said.

“Registration with the ACNC is voluntary. If your charity has been automatically registered you have 6 months to opt-out. However, registration will be a necessary prerequisite for charities to access Commonwealth tax concessions and other concessions, exemptions and benefits."

The law firm says there are a number of steps its recommends for charities wanting to be registered:

  1. Check that your organisation has been automatically registered;
  2. Check that the correct registration sub-type has been applied;
  3. Confirm whether basic religious charity status should be applied;
  4. Apply for a substituted accounting period (if you do not wish to report in accordance with the financial year);
  5. Apply for registration, if your organisation has been self assessing (e.g. religious institutions);
  6. Familiarise yourself with your new obligations such as the duty to notify the ACNC of changes and the new obligations on directors; and
  7. Check your operational and financial records are in order as these may be checked at any time

More information is available on the ACNC website or call13 ACNC.




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