The establishment of the Australian Charities and Not-for-profits Commission (ACNC) will see many Australian charities benefit from a removal of annual review fees currently charged by the Australian Securities and Investments Commission (ASIC).
"On 1 July 2013, oversight of registered charities which are corporations will move from ASIC to the ACNC. These charities will no longer have to pay annual ASIC fees, and the ACNC will not be charging annual fees," said Assistant Treasurer David Bradbury.
"Many of Australia's prominent charities are companies limited by guarantee. Removing annual fees for charitable corporations is another benefit that comes from having a dedicated national regulator for Australian charities."
"This announcement builds on recent announcements about the ACNC's role driving red tape reductions at both a national and Commonwealth level," said the Minister for Social Inclusion, Mark Butler.
"It's all about helping charities focus their efforts and resources on what they do best".
"Cutting down on compliance costs and fees for hard-working charities will help them to divert more resources to the important work they do, rather than spend it on red tape," said Parliamentary Secretary to the Treasurer Bernie Ripoll.
The current annual fee for most charitable corporations that are registered with ASIC is $43, but for some it can be up to $1,086. It is estimated that around 1,400 charities will benefit from the removal of ASIC annual fees.
24 October 2012