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ARTICLE · 20 AUGUST 2014

Federal Government canvasses options on ACNC replacement

Cooper Grace Ward
Cooper Grace Ward
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Charities and other interested parties must become aware of these new changes and what their responsibilities may be.

AustraliaCorporate/Commercial Law
Carly Ashwood
Carly Ashwood
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The Department of Social Services has released an options paper regarding the replacement of the embattled Australian Charities and Not-for-Profits Commission (ACNC).

The main driver behind the repeal of the ACNC is to remove unnecessary 'red tape', with the Australian Taxation Office (ATO) and Australian Securities and Investments Commission (ASIC) reassuming the functions of the ACNC.

The ACNC Repeal (No 1) Bill 2014, which was introduced on 19 March 2014, does not explain exactly how the Government will replace the ACNC, but the options paper outlines a number of new proposals relating to:

  • reporting;
  • charitable status;
  • compliance; and
  • transition.

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