On 10 May 2011, the Assistant Treasurer announced the establishment of the Australian Charities and Not-for-profits Commission (ACNC). This follows on from the consultation paper released in January 2011, as well as various reviews into the operation of the sector – including the report on Australia’s Future Tax System in 2009 and the Productivity Commission’s report on Contribution of the Not-for-profit sector in 2010. The ACNC, as a statutory office, will be responsible for determining the legal status of groups seeking charitable, public benevolent institution and other NFP benefits. Once state/territory government agreement has been achieved, the ACNC will serve as a single reporting hub for all dealings between NFP entities and state/territory/Commonwealth governments, thereby consolidating the roles currently being performed by a number of different bodies. It is anticipated the ACNC will commence operation on 1 July 2012.
The Regulation Impact Statement was prepared by the Treasury, and has been assessed as adequate by the Office of Best Practice Regulation