Australian Charities and Not-for-profits Commission - recent developments

Last month, June 2013 saw a number of significant milestones in the development of the ACNC.

These include:

• Release of the Financial Reporting Regulations;
• The confirmation of the Governance Standards;
• The passing of the Charities Bill by parliament resulting in the first Statutory Definition of Charity in Australia; and
• Information to be withheld from the Public Register – Private Ancillary Funds & Donor Identification.

Financial Reporting Regulations
On 1 July 2013, the financial reporting requirements came into play. Under these regulations, medium and large registered entities (charities) will be required to lodge financial reports for the 2013/14 financial year with the ACNC.