Government Introduces Legislation to Repeal the ACNC
This morning the Coalition Government introduced a suite of legislation to repeal thousands of Acts, Bills and Regulations in an effort to “cut red tape”.
In line with the Government’s pre-election promise, the planned abolition of the ACNC has been tabled as part of the Australian Charities and Not-for-profits Commission (Repeal) (No. 1) Bill 2014 (the Bill). The Explanatory memorandum to the Bill states “the abolition of the ACNC is part of the broader Government red tape reduction and deregulation agendas.”
The proposed abolition of the ACNC is intended to occur through a two stage process; the initial Bill to repeal the ACNC has been introduced to Parliament but (if it is passed) will not take effect until a subsequent Bill regarding replacement arrangements is introduced in the winter sitting period.
The Explanatory Memorandum to the Bill indicates that “regulatory functions previously transferred to the ACNC from the ATO and ASIC will return to those bodies.”
The proposed abolition of the ACNC is part of an historic repeal day whereby over 9500 regulations are planned to be abolished.
Debate surrounding repeal day is scheduled to occur in the House of Representatives on Wednesday 26 March. Because the Coalition does not hold the balance of power in the Senate it is unclear when or what form the passage of the Bill will take.
For the time being, charities will still be required to lodge their Annual Information Statements and comply with all relevant provisions of the ACNC legislation.
We will continue to keep you informed of updates as they occur. If you would like further information please contact Bill d’Apice or Anna Lewis of this office.