Third Dimension – Abolition of the ACNC

February, 2014

On 29 January 2014 minister Kevin Andrews announced that the newly established Australian and Charities and Not-for-profits Commission will be abolished (ACNC).  There will be a return to the Government agencies which previously regulated the sector, including the Australian Tax Office.

Consequently, there will be substantial changes to the regulatory scheme for the not-for-profit sector including: the establishment of the National Centre of Excellence, the resurrection of the Community Business Partnership, new financial reporting requirements and taxation reforms.

The National Centre for Excellence will replace the ACNC.  It will be established to support the not-for-profit sector rather than regulate it.  The purpose of the Centre will purportedly be to reduce the reporting burden on the sector by establishing universal financial and reporting standards.  The Centre is to carry out the following functions:

A further change will be the establishment of the Community Business Partnership, which will bring together leaders from the business and community sectors to promote a culture of philanthropy and giving within Australian society.

For now, the future of the new Charities Act 2013 (Clth) is unclear.

This article originally appeared in Third Dimension – Summer 2014

Contact Mills Oakley

For more information, please contact:

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Vera Visevic | Partner
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E: vvisevic@millsoakley.com.au

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