The Assistant Treasurer has released for public consultation an exposure draft of legislation to establish the Australian Charities and Not-for-profits Commission (ACNC).
The Government announced in the 2011-12 Budget that it would establish the ACNC by 1 July 2012. The ACNC will determine charitable status, including public benevolent institution status, for all Commonwealth purposes, will provide education and support to the sector and administer a regulatory and reporting framework.
The ACNC exposure draft and explanatory materials seek to establish the ACNC, set out the objects and functions of the ACNC and provide a new national regulatory framework for the not-for-profit (NFP) sector.
Treasury has also released a series of Factsheets which provide additional information on various issues relating to the ACNC exposure draft. They can be found below.