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ARTICLE · 22 MAY 2012

NFP Reform – Government Slow Down

Makinson d'Apice Lawyers
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Not-for-profit sector reforms will now be staged to allow organisations to transition to the new regulatory framework.

AustraliaGovernment, Public Sector
Bill D'Apice
Bill D'Apice

Summary - The Assistant Treasurer has announced that NFP reforms will be slowed to allow organisations in the sector to transition to the new framework.

The Assistant Treasurer, David Bradbury MP, has announced that the Government will slow down or "stage" the introduction of regulatory reform for the charities and Not-For-Profit sector to allow organisations to transition to the new regulatory framework.

The Australian Charities and Not-For-Profits Commission (ACNC) will still commence operations from 1 October 2012.

However, the governance standards and financial reporting framework will not now commence until 1 July 2013, meaning that the first full financial reports for medium and large registered entities will now begin to fall due after 1 July 2014.

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