Australian Government announces reforms for the Not-For-Profit (NFP) sector
In the 2011-12 Budget the Australian Government announced a range of measures reforming the Not-For-Profit (NFP) sector, including the creation of the Australian Charities and Not-For-Profits Commission (ACNC). The ACNC will operate from 1 October 2012 and will be an independent regulator of the NFP sector initially responsible for:
Determining charitable and public benevolent institution status for all Commonwealth purposes.
Providing education and support to the sector.
Beginning the implementation of a ‘report-once use-often’ general reporting framework for charities.
The Australian Government has provided $53.6 million over four years for its establishment and for the related structural changes required by the ATO, which will support the ACNC. The ACNC Implementation Taskforce commenced on 1 July 2011 working across different levels of government and with peak bodies in the NFP sector to maximise the benefit gained from the reform proposals.