The Government has announced a revised timetable for transition to the new not-for-profit regulatory framework.
The Australian Charities and Not-for-profits Commission (ACNC) will commence operations from 1 October 2012, while the governance standards, including the external conduct standards, and the financial reporting framework will now commence on 1 July 2013 with the first financial reports for medium and large registered entities now beginning to fall due after 1 July 2014. The ACNC will initially only regulate charities.
The Government proposes to refer the draft ACNC legislation to the House of Representatives Standing Committee on Economics, for an inquiry over the Winter Parliamentary break.
The Government will then consider any recommendations the Committee makes, before introducing the legislation later this year.