On 14 January 2025, the AICD made a submission to Treasury on the extension of charity transitional reporting arrangements. The AICD has long advocated for promoting sound NFP governance practices and reducing the regulatory burden on NFPs and charities. In our submission to the Blueprint Expert Reference Group Not-for-Profit consultation, we reiterated our call for NFP regulation that is coordinated, proportionate, and promotes financial sustainability.
Our key points and recommendations include:
- The AICD strongly supports the extension of charity transitional reporting. We welcome the continuation of this measure to reduce the duplicative financial reporting obligations on over 3000 charities. We note that the Australian Charities and Not-for-profits Commission (ACNC) has transitional reporting arrangements for charities registered with the Office of the Registrar of Indigenous Corporations (ORIC), non-government schools reporting to the federal Department of Education, and cooperatives across jurisdictions.
- Whilst not the specific focus of this consultation, the AICD also provides support for the implementation of key regulatory initiatives from the recent NFP Sector Development Blueprint (the Blueprint) – a ten year roadmap of essential reform for the sector.
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