ACNC legislation review
ACNC LEGISLATION REVIEW
The review report, Strengthening for Purpose: Australian Charities and Not-for-profits Commission Legislative Review 2018 , made 30 recommendations, which centred on the ACNC's objects, functions and powers, the overall regulatory framework, and red tape reduction for charities.
In its response to the ACNC Legislation Review, the federal government has responded to each of the 30 recommendations, agreeing with 18 of them.
Key recommendations supported by the government:
Topic
Recommendation
Supporting ACNC as an effective regulator
·Enabling swifter decision making through expanded delegation powers
·Enhancing ACNC powers to detect breaches of governance standards and deal with misconduct
·Allowing ACNC to continue its strong focus on education and research
Reducing Red Tape
·Adjusting the reporting thresholds for registered charities
·Streamlining and harmonising the regulatory requirements across all jurisdictions
·Simplifying reporting requirements for small entities
·Sharing data on charities between Commonwealth agencies
Strengthening Trust
·Mandating the disclosure of related party transactions and for large charities, aggregated remuneration paid to responsible persons
·Sharing information on ACNC investigations, when in the public interest
·Disqualifying responsible persons who have certain criminal convictions
The report is available to download here.
Dan Wade is the audit expert at Wrights Chartered Accountants, make an appointment to speak with him
here
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