As announced in the 2011-12 Budget, an Implementation Taskforce for the Australian Charities and Not-for-profits Commission (ACNC) will start work on 1 July 2011 to ensure the ACNC is ready for operation by 1 July 2012.
From 1 July 2012, the ACNC will initially be responsible for determining charitable, public benevolent institution, and other NFP status for all Commonwealth purposes; providing education and support to the sector; implementing a ‘report-once use-often’ general reporting framework for charities; and establishing a public information portal by 1 July 2013.
The Implementation Taskforce will also engage with state agencies to negotiate use of the portal as a ‘one stop shop’ for reporting to state agencies.
Treasury has released a discussion paper – Better targeting of not-for-profit tax concessions – seeking public views on how to implement the Government’s 2011-12 Budget announcement to better target not-for-profit (NFP) tax concessions for unrelated commercial entities.
Consultation about the reforms to tax concessions closes on Friday, 8 July 2011.