Australian Charities and Not-for-Profits Commission One stop Shop – Open for Business
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Transcript of Australian Charities and Not-for-Profits Commission One stop Shop – Open for Business
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Australian Charities and Not-for-Profits CommissionOne stop Shop – Open for Business
3 December 2012Murray Baird
Assistant Commissioner General CounselAustralian Charities and Not-for Profits Commission
Commentary by Vera VisevicPartner Charity & Not-For-Profit
Mills Oakley Lawyers
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An Australian Charities Commission
a new independent statutory agency, the Australian Charities and Not for profits ‑ ‑Commission (ACNC), by 1 July 2012 and related structural changes required to the Australian Taxation Office
Federal Budget May 2011
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ACNC starts today
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Slow Train Coming• 2001 Definition of Charities
• 2008 Disclosure Regimes for Charities and NFP Organisations
• 2010 Productivity Commission : Contribution of the Not-for Profit Sector
• 2010 National Compact
• 2010 Henry Review
• 2010 Senate Economic Legislation Committee inquiry
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Reform Agenda
•Office for the Not-for Profit Sector – to drive and coordinate reform
•Not for Profit Reform Council – advice to Government on Reform
•ACNC - Regulator
•Public Ancillary Fund Reform
•Unrelated Business Income Tax
•“In Australia” test
•Statutory definition of Charity
•Social Enterprise Development and Investment Fund
•National Disability Insurance Scheme
•Many more…
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Who is in?
• Welfare and disability;• (Non Government) Schools, Universities
etc;• Churches, Religious organisations• Conservation, Arts, Childcare
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Who will the ACNC regulate?
• Existing charities that currently access Commonwealth tax concessions
• Existing and new charities that want to apply for Commonwealth tax concessions and other benefits
• 56,000 charities, 10% of broader NFP sector
• Possibly other types of NFPs but not before 2014
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Trust
Maintain, protect and enhance public trust and confidence in the Australian not-for-profit sector.
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Health
Support and sustain a robust, vibrant, independent and innovative Australian not-for-profit sector
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Cut Red Tape
Reduction of unnecessary regulatory obligations on the Sector
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What will ACNC Do?Registration
Information
Compliance
Education and guidance
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More work to be done
• Governance Standards by 1 July 2013
• Financial Reporting for year ending 30 June 2014
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Withholding Information from Register• Commercially sensitive;• Detriment to entity or individual;• Inaccurate, confusing, misleading,
offensive; dangerous;• Prescribed by regulation – could be
made for Private Ancillary Funds to protect private donor privacy
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Size does matter
• Small : annual information statement
• Medium: financial report – audited or reviewed;
• Large: financial report audited
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Governance
• The process to ensure that an organisation achieves its mission
• Steering and Stewarding• Registered charities will meet
governance standards;• Principle based, not rule based;• Good practice guidance;• Proportionate
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Regulatory Approach• Light-touch, risk-based, evidence-based approach• Provide information, guidance and education• Use graduated powers, provide opportunity for
self-correction• Regulatory Principles: relevance, proportionality, consistency, transparency, timeliness.
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Guidance
Assistance
Investigation
Graduated Sanctions
Deregistration
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Education and guidance
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Public Register
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• ACNC• Registration of charities (including Public Benevolent Institutions)
for Commonwealth purposes from 1 October 2012• Establish Reporting Framework and Information Portal• Work with Commonwealth, State and Territory agencies to
consolidate reporting and reduce compliance burden
• Australian Tax Office – Non-Profit Centre• Endorsement for tax concessions
– Income Tax exemption – Deductible Gift Recipient (DGR)– Fringe Benefits Tax exemption or rebate– GST Concessions– Refund of franking credits
Relationship to ATO
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What will charities need to know and do on Commencement?
Charities that were registered with the ATO prior to commencement do not need to take any action unless:
• They wish to opt out of registration on the approved form by 1 March 2013.
• Religious institutions may wish to register or register as a sub-type.
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Where to from here
• December 2012
• ACNC begins operation – registering new charities
• July 2013
• First annual (non-financial) reports start to be collected
• Financial reporting and governance standards
• Information Portal – for charities and public
• Statutory Definition work to commence