News Flash
Yesterday the Federal Government announced that the start date
for the Australian Charities and Not-for-profits Commission is
delayed until 1 October 2012. The start date was originally planned
to be 1 July 2012, a 3 month delay.
Whilst we welcome the deferred start date the financial
reporting framework is still intended to commence on 1 July 2013 as
is the statutory definition of charity and the public information
portal.
Based on the draft legislation, this would mean that the
financial reporting requirements will still apply for financial
years commencing 1 July 2012.
Given the practical challenges, the complexities and the cost of
transition and implementation for many charities as outlined in the
many submissions to Treasury on the proposals, this minor delay in
the start date is insufficient to allow charities to deal with the
new requirements effectively. In addition we have not yet seen the
proposed legislation concerning the governance
