In joint media release No 2012/032, issued 17 May 2012, the Assistant Treasurer and Minister Assisting for Deregulation, David Bradbury, and the Minister for Social Inclusion, Mark Butler, announced that not-for-profit sector reforms will be staged to allow organisations to transition to the new regulatory framework,
The Australian Charities and Not-for-profits Commission (ACNC) will commence operations from 1 October 2012 as previously announced, while the governance standards, including the external conduct standards, and the financial reporting framework will now commence on 1 July 2013 with the first financial reports for medium and large registered entities now beginning to fall due after 1 July 2014. The ACNC will initially only regulate charities.
The Government proposes to refer the draft ACNC legislation to the House of Representatives Standing Committee on Economics, for an inquiry over the Winter Parliamentary break.
The Government will then consider any recommendations the Committee makes, before introducing the legislation later this year.