Close Search
 
MEDIA, JOBS & RESOURCES for the COMMON GOOD
News  |  Governance

ACNC Regulator? What Now?


4 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.

Staff Reporter | 4 December 2012 at 8:56 am


0 Comments


 Print
ACNC Regulator? What Now?
4 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.



PB Careers
Get your biweekly dose of news, opinion and analysis to keep you up to date with what’s happening and why it matters for you, sent every Tuesday and Thursday morning.

Got a story to share?

Got a news tip or article idea for Pro Bono News? Or perhaps you would like to write an article and join a growing community of sector leaders sharing their thoughts and analysis with Pro Bono News readers? Get in touch at news@probonoaustralia.com.au or download our contributor guidelines.

Advertisement

CFRE


Your email address will not be published. Required fields are marked *



YOU MAY ALSO LIKE

A for-purpose recipe: the ingredients to drive impact and sustainability today

Heather Morecroft

Thursday, 24th September 2020 at 7:00 am

Here’s how you can govern through a crisis

Maggie Coggan

Wednesday, 16th September 2020 at 5:48 pm

Directors’ obligations this reporting season

Travis Rickard

Thursday, 10th September 2020 at 7:00 am

pba inverse logo
Subscribe Twitter Facebook
×

We need your help.

Since the outbreak of COVID-19, Pro Bono Australia has seen a devastating fall in advertising and less people posting on our job board, which is how we fund our free news service. You can show us that you value the work we do by making a contribution.

 Make a contribution 

You have Successfully Subscribed!