After considering more than 150 submissions, the Senate committee investigating the Bill to revoke the ACNC Act, have delivered a majority report, favouring the repeal of the ACNC Act.
This has created significant objection from the ACNC, the chair of the Advisory Committee, Robert Fitzgerald, and many charities who made submissions: over 80% of the submissions were in support of retaining the ACNC.
We now await passing or defeat of the Bill repealing the ACNC Act , and if the Bill is passed, the legislation to establish a National Centre of Excellence, will be the next material to review. During July and August the Department of Social Services will consult with charities and civil society organisations on the proposed replacement arrangements for the ACNC. Submissions will be invited on a proposed options paper which will deal with translating various functions to ATO and ASIC.
Until the Bill's fate is determined, all charities must continue to observe the ACNC Act, and ensure:
- First annual information statements (AIS's) are lodged by 30 June 2014 (if their year end was 31 December), or sooner lodgement, for charities whose year end was 30 June, as those AIS's were due 31 March 2014.
- First annual financial reports (AFS's) are lodged by 31 December 2014 (if year end is this 30 June) and for charities whose year end is this 31 Dec, first AFS's are due 30 June 2015. It is possible to lodge an AFS before these deadline dates if the accounts have been done.
- If you have not lodged your AIS, and have not heard from ACNC, you may be on a list of "lost charities" held by ACNC. If contact was not made with ACNC before 24 June 2014 deregistration would occur.
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