What is the future of the ACNC under the new government?
By Joanne Dunne
Higher-education entities that have charitable status and access tax concessions have seen further regulation following the establishment of the Australian Charities and Not-for-Profits Commission (ACNC). Such entities are required to register with the ACNC to continue to access tax concessions. There are financial reporting requirements and other requirements to comply with such as governance standards. Following the election of a new government, the ACNC and all related regulations and legislation still remain in place, and affected higher-education entities need to continue to comply with their obligations.
This means, for instance, that where required a higher-education entity must file its annual information statement with the ACNC meeting all ACNC requirements (for 30 June 2013 reporting bodies, this is required by 31 December 2013).
This article considers the future of the ACNC under the new government and outlines the reasons why the ACNC may remain broadly in place, despite the coalition’s pre-election statements…
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Minter Ellison has created a quarterly update to discuss the tax issues that you may wish to raise with your board during each reporting period, starting with Q3.
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