Submissions responding to the consultation paper were due by 27 January 2012.
KPMG's summary paper outlines key points, background, analysis, and KPMG comment on what these changes may mean for NFP providers.
- Government’s aim to reduce red-tape in regulation requirements for NFP organisations is commendable but is sometimes in conflict with increased accountabilities for a number of NFPs.
- Co-operation between states and territories requires attention under the same timeframe as current draft legislation in order to achieve long term objectives in reducing onerous reporting requirements.
- Clarity is required to avoid duplication between the Corporations Act and the new ACNC bill during transition.
- It will be important to ensure that requirements set by both the AASB and ACNC are aligned in the given timeframe for implementation of the bill.
- Consideration should be given across the breadth of the NFP sector in terms of public reporting for NFPs to achieve an appropriate level of transparency depending on the organisation.