On 25 January 2013, COAG released a Consultation Regulation Impact Statement (RIS) which outlines the potential for regulatory duplication between the Commonwealth governance and reporting standards under the Australian Charities and Not-for-profits Commission Act 2012 (the ACNC Act) and existing State and Territory requirements for charities. The ACNC Act sets outs the eligibility for a not-for-profit (NFP) entity to be registered as a charity, including governance standards and reporting requirements, in order to access Commonwealth tax concessions and for other purposes. State and Territory governments' legislation also sets out governance and reporting requirements for charities which adopt a particular legal form (namely incorporated associations and cooperatives and, to a lesser extent, charitable trusts). While the ACNC Act requirements commence on 1 July 2013, the impact of duplication will not occur until transitional arrangements for reporting requirements and governance requirements expire in 2015 and 2017 respectively. This paper forms the basis of consultation to inform a final report on options that would address regulatory duplication. A RIS was prepared by the Commonwealth Treasury and assessed as adequate by the Office of Best Practice Regulation.
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