ASIC has clarified when Australian Charities and Not-for-Profits Commission (ACNC) registered companies cease to have reporting obligations to ASIC.
As a registered charity with the ACNC:
- A public company (such as a company limited by guarantee) no longer needs to lodge changes to its constitution with ASIC or tell ASIC of the adoption or repeal of a constitution.
- A company is no longer required to send a copy of its constitution to members who request a copy.
- A company is no longer required to notify ASIC of a change of their address details, including their registered office address, principal place of business address or contact address. The ACNC will advise ASIC of changes to the registered office address of a company.
- A company is no longer required to notify ASIC of the appointment, resignation or retirement of directors, secretaries and alternate directors or submit personal details of directors and secretaries.
- A company will not be sent an ASIC annual statement each year (on the company’s review date) and will not have to review their details or pay the annual review fee. However, if the last annual review date was before registration with the ACNC, the company must pay the annual review fee to ASIC.
For the 2012–13 reporting period, companies that are required to lodge financial reports with ASIC must still do so, even if they are registered with the ACNC.
For the 2013-14 Financial period onwards companies that are registered with the ACNC do not need to lodge financial reports for years commencing on or after 1 July 2013 with ASIC.
Instead, medium and large charities registered with the ACNC will be required to provide annual financial reports to the ACNC.
This continues for as long as a company or registered body remains a registered charity. If it is deregistered with the ACNC, its obligations to ASIC will resume.
The Corporations Act contains a table of provisions that will no longer be applicable to bodies corporate registered under the ACNC Act (see section 111L(1)).