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ConNEXTions 2013

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  1. ConNEXTions 2013 NFP Sector reforms Are we there yet?

  2. NFP Reforms - Overview • ACNC • Legislation • Federal • State • ASIC • APRA • AASB • ATO • Government Funding

  3. NFP Reforms - Overview

  4. NFP Reforms - Overview • NFP Reforms – Since 1995 • 15.5 Million words, 50,000 pages • Gov’t commissioned 3,000 pages reports • NFP Sector – 4,500 responses, 29,000 pages Prof Myles McGregor Lowndes – CMA Conference 2013

  5. NFP Reforms - Overview • ACNC Act • Statutory Definition of Charity • UBIT • Governance Regulations • ‘In Australia’ Legislation • Non Profit Definition • Commonwealth Government Grant guidelines

  6. NFP Reforms – Overview • Fundraising Legislation harmonisation • Tax Concession Working group • Accounting Standards • Financial Reporting • Religious Charitable Development Funds • Charitable Fundraisers

  7. ACNC • Legislation passed – December 2012 • Working with the sector to help compliance • Directorate of Red Tape Reduction • Assistant Commissioner – Murray Baird • Governance Standards, External Conduct Standards

  8. Statutory Definition of Charity • Charities Act passed in June 2013 • Given Assent in June 2013 • Gives certainty to ‘Advancing Religion’ as a statutory Head of Charity • Codifies many other purposes as charitable

  9. UBIT • Delayed for unrelated commercial activities • 1 July 2014 if commenced after 10 May 2011 • 1 July 2015 if commenced before 10 May 2011 • Originally to commence1 July 2012 for activities commencing after 10 May 2011 • Delay to allow for consultation & engagement • Remains a potential concern • No definitions • ‘Related’ • ‘Commercial’

  10. Governance Standards • 5 Governance Standards • Come back tomorrow!

  11. In Australia Legislation • Marooned before the House of Representatives • Little appetite by Gillard Government • Includes definition of ‘non-profit’ • Unclear how relates to External Conduct Standards

  12. ‘Non Profit’ Definition • Unclear how this will proceed • Plan to separate out the non-profit definition from ‘In Australia’ Legislation • Is pivotal for many parts of the NFP Reform agenda

  13. Commonwealth Govt. Grants • Guidelines have been revised • Commencement of ‘Report Once, Use Often’ • Information provided to ACNC will be utilised by other Federal Govt Departments • How is this working in practice?

  14. Fundraising Harmonisation • Discussion Paper – February 2012 • No actions proposed at this stage • A major issue for most National Mission Agencies • Difficult

  15. Tax Reform Working Group • Discussion paper released early November 2012 • Was to report by 31 March 2013 • Report received by Government, not yet released. Submissions not yet released.

  16. Accounting Standards • Accounting Standards Board reviewing many Accounting Standards as they relate to Charities • Many apply to Charities – Special purpose accounts vs general purpose accounts • Revenue – A key standard for ACNC Bill

  17. Financial Reporting • ACT & South Australia have transferred reporting for charities to ACNC • More details with Peter Shields tomorrow

  18. RCDF s • Religious Charitable Development Funds • Proposal by APRA to restrict investors to corporations and disallow investment by retail (individual) investors • Is a significant issue for major denominational investment funds

  19. Charitable Fundraisers • ASIC Consultation Paper 207 • Plans to disallow organisations from accepting funds from corporations and individuals as a fundraising exercise • Holding funds at low or no interest to invest will no longer be allowed

  20. NFP Reforms No, but we are on the way.

  21. NFP Reforms • Are we there yet? No but we are on the way. • Not clear when (if) the reform agenda will be complete • Unclear what impact, if any, the new federal Treasurer (Chris Bowen) will have on the reform process • Assistance Treasurer David Bradbury has genuinely listened to sector representatives

  22. NFP Reforms • Federal Election – What impact will it have • Liberal / National Party victory • Probable significant changes; downsizing of ACNC, repeal or amendment of other legislation • Labor Party victory • Probably no significant changes • Whatever happens the juggernaut will roll on!!