New national regulator for not-for-profit sector: consultation paper released
On 21 January 2011, the Assistant Treasurer and the Minister for Social Inclusion, Tanya Plibersek, released a consultation paper on the design of a new national regulator for the not-for-profit sector. Mr Shorten said the paper seeks the views of stakeholders to determine the precise role, functions, feasibility and design options for a "one-stop shop" regulator. The sector contains around 600,000 not-for-profits and community organisations of which it is estimated that around 400,000 may access Commonwealth tax concessions, either through the ATO's registration process for some NFP entities (endorsement) or by self-assessment.
The consultation paper is available on the Treasury website. Among other things, the Paper looks at charitable trusts, incorporated associations and NFP regulatory models in other countries such as England and Wales, Ireland, NZ, US and Canada.
Mr Shorten said commissioning Treasury to undertake a scoping study for a national not-for-profit regulator delivered on an election commitment to strengthen the sector. Treasury will use the consultation paper to seek the views of stakeholders on the goals of national regulation, the scope of national regulation, and the functions and form of a national regulator.
Submissions are due by 25 February 2011 and should be sent to: The Manager, Philanthropy and Exemptions Unit, Personal and Retirement Income Division, The Treasury, Langton Crescent, PARKES ACT 2600; Email: NFPReform@treasury.gov.au. Enquiries should be directed to Chris Leggett on (02) 6263 3357 or Tamara Hartwich on (02) 6263 2514.