Of interest to all of us in the not for profit and philanthropy sector is the announcement in the federal budget of the establishment of the “Australian Charities and Not-for-profits Commission” (ACNC) to regulate the sector. It is intended that the ACNC will commence operations from 1 July 2012.
The Government also intends to introduce a statutory definition of ‘charity’ with effect from 1 July 2013. This statutory definition may affect eligibility to access tax concessions and will be met with great anticipation, as the Income Tax Act has never previously actually defined what charitable intent actually is. Let’s hope it won’t exclude things which are important to the arts.
See the Treasurer’s press release on these.
What do you think of the budget and how it affects philanthropy and fundraising? What is important to you in the budget? (Is it important at all?)