The Australian Charities and Not-for-profits Commission (ACNC) will commence operations from 1 October 2012. However, the governance standards – including the external conduct standards – and the financial reporting framework will now commence on 1 July 2013.
“As the governance standards and the financial reporting framework are finalised, the ACNC will work with the sector and provide guidance and information to help charities transition to the new regulatory framework – providing plenty of time for the sector to develop an understanding of the changes before they start to apply,” says Federal Minister for Social Inclusion Mark Butler MP.
The not-for-profit reform will develop a new national approach to fundraising laws, introduce a statutory definition of charity and provide a new regulator for the sector.