The Australian Charities and Notforprofits Commission Act 2012
This Act establishes a regulatory system for notforprofit entities.
This Act establishes a national regulator for notforprofit entities. The regulator is the Commissioner of the Australian Charities and Notforprofits Commission (the ACNC).
The Commissioner is responsible for registering entities as notforprofit entities according to charity type and subtypes.
The Commissioner of the ACNC will cooperate with other government agencies to oversee a simplified and streamlined regulatory framework for notforprofit entities.
The Commissioner of the ACNC will provide information to help the public understand the work of the notforprofit sector and to support the transparency and accountability of the sector.
The objects of this Act are:
(1) The objects of this Act are:
(a) To maintain, protect and enhance public trust and confidence in the Australian notforprofit sector; and
(b) To support and sustain a robust, vibrant, independent and innovative Australian notforprofit sector; and
(c) To promote the reduction of unnecessary regulatory obligations on the Australian notforprofit sector.
(2) This Act achieves those objects by:
(a) Establishing a national regulatory framework for notforprofit entities that reflects the unique structures, funding arrangements and goals of such entities; and
(b) Establishing the Commissioner of the Australian Charities and Notforprofits Commission, who will:
(i) be responsible for registering entities as notforprofit entities according to their type and subtypes; and
(ii) Administer the national regulatory framework; and
(iii) Assist registered entities in complying with and understanding this Act, by providing them with guidance and education.
(3) Registration is a prerequisite for an entity to access certain Commonwealth tax concessions.
(4) Registration under this Act may also be a prerequisite for other exemptions, benefits and concessions provided under other Australian laws.