On 6 July 2012, the Commonwealth Assistant Treasurer referred updated draft legislation establishing the Australian Charities and Not-for-profits Commission (ACNC) Bills and its Explanatory Materials to the House of Representatives Standing Committee on Economics to enable an enquiry to take place.
The revised draft legislation contains a number of updates following earlier public consultations on the previous exposure draft. The ACNC is planned to commence its operation on 1 October 2012.
A few of the key requirements and implications affecting charities and not-for-profits are listed below. More…