Australia: The Not For Profit Reform Journey - Where is it at?

Over the past 12 months we have been releasing Not for Profit Alerts in relation to the significant reforms proposed by the Federal Government as outlined in a number of Exposure Draft Bills and Consultation Papers.

With the number of reform proposals currently in the pipeline many of our clients have been recently asking us where these reform proposals are up to. To summarise the current position we have attached a paper outlining the stage of each of these proposals as well as the proposed timeline for their commencement. This summary is based on the initial Exposure Draft Bill for the establishment of the Australian Charities and Not-for-profit Commission (ACNC) and other Government Consultation Papers.

The Federal Treasury Forward Work Program indicates that a 2nd Exposure Draft Bill for the establishment of the ACNC was due to be released on 27 June 2012 with the draft regulations to be released on 18 July 2012. To date we have not seen the release of these documents. We understand that their release is imminent and we look forward to the revised proposals addressing many of the concerns raised in our earlier submissions. We will provide a further update on the release of these amended proposals.

Please click here to access the current status of the various aspects of this NFP Reform Journey.

This publication is issued by Moore Stephens Australia Pty Limited ACN 062 181 846 (Moore Stephens Australia) exclusively for the general information of clients and staff of Moore Stephens Australia and the clients and staff of all affiliated independent accounting firms (and their related service entities) licensed to operate under the name Moore Stephens within Australia (Australian Member). The material contained in this publication is in the nature of general comment and information only and is not advice. The material should not be relied upon. Moore Stephens Australia, any Australian Member, any related entity of those persons, or any of their officers employees or representatives, will not be liable for any loss or damage arising out of or in connection with the material contained in this publication. Copyright © 2011 Moore Stephens Australia Pty Limited. All rights reserved.