Commonwealth: Australian Charities and Not-for-profits Commission Act 2012 (Cth)

Australian Charities and Not‑for‑profits Commission Act 2012 No. 168, 2012 Compilation No. 10 Compilation date: 21 February 2025 Includes amendments: Act No. 14, 2025 About this compilation This compilation This is a compilation of the Australian Charities and Not-for-profits Commission Act 2012 that shows the text of the law as amended and in force on 21 February 2025 (the compilation date). The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law. Application, saving and transitional provisions for provisions and amendments If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law. Self‑repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents Chapter 1—Introduction Part 1‑1—Preliminary Division 5—Preliminary 5‑5 Short title 5‑10 Commencement 5‑15 Crown to be bound 5‑20 Extension to external Territories Division 10—Guide to this Act 10‑5 Guide to this Act Part 1‑2—Objects of this Act Division 15—Objects of this Act 15‑5 Objects of this Act 15‑10 Commissioner to have regard to certain matters in exercising powers and functions Chapter 2—Registration of not‑for‑profit entities Part 2‑1—Registration Division 20—Object of this Part 20‑5 Object of this Part Division 25—Entitlement to registration 25‑1 Simplified outline 25‑5 Entitlement to registration Division 30—Process of registration 30‑1 Simplified outline 30‑5 Application of this Division to various kinds of registration 30‑10 Applying for registration 30‑15 Dealing with an application for registration 30‑20 Registration of entity 30‑25 Notifying outcome of application for registration 30‑30 Date of effect of registration 30‑35 Review of refusal of registration Division 35—Revoking registration 35‑1 Simplified outline 35‑5 Application of this Division to various kinds of registration 35‑10 Revoking registration 35‑15 Notice to registered entity to show cause 35‑20 Review of revocation of registration Part 2‑2—Australian Charities and Not‑for‑profits Register Division 40—Australian Charities and Not‑for‑profits Register 40‑1 Simplified outline 40‑5 Commissioner to maintain Australian Charities and Not‑for‑profits Register 40‑10 Commissioner may withhold or remove information from Register Chapter 3—Responsibilities of registered entities Part 3‑1—Governance standards and external conduct standards Division 45—Governance standards 45‑1 Simplified outline 45‑5 Object of this Division 45‑10 Regulations establishing governance standards 45‑15 Consultation 45‑20 Parliamentary scrutiny of standards Division 50—External conduct standards 50‑1 Simplified outline 50‑5 Object of this Division 50‑10 External conduct standards 50‑15 Consultation 50‑20 Parliamentary scrutiny of standards Part 3‑2—Record keeping and reporting Division 55—Record keeping 55‑1 Simplified outline 55‑5 Registered entities must keep records 55‑10 Recognised assessment activity Division 60—Reporting Subdivision 60‑A—Overview 60‑1 Simplified outline Subdivision 60‑AA—Object of this Division 60‑3 Object of this Division Subdivision 60‑B—Annual information statements 60‑5 Registered entities must give annual information statements Subdivision 60‑C—Annual financial reports 60‑10 Medium and large registered entities must give annual financial reports 60‑15 Requirements for annual financial reports 60‑20 Medium registered entities must have annual financial reports audited or reviewed 60‑25 Large registered entities must have annual financial reports audited 60‑30 Audit or review 60‑35 Audit or review to be conducted in accordance with auditing standards 60‑40 Auditor's or reviewer's independence declaration 60‑45 Auditor's report on annual financial report 60‑50 Reviewer's report on annual financial report 60‑55 Auditor or reviewer to be provided with information and assistance 60‑60 Basic religious charities Subdivision 60‑D—Errors in information statements and financial reports 60‑65 Errors in information statements and financial reports Subdivision 60‑E—Additional reporting requirements 60‑70 Object of this Subdivision 60‑75 Additional reporting requirements—particular registered entity 60‑80 Additional reporting requirements—classes of registered entities Subdivision 60‑F—Substituted accounting periods 60‑85 Commissioner may approve a different accounting period 60‑90 Commissioner may impose conditions Subdivision 60‑G—Collective and joint reporting 60‑95 Commissioner may approve collective or joint reporting by related entities 60‑100 Commissioner may impose conditions 60‑105 Treatment of reporting groups as small, medium or large registered entities Part 3‑3—Duty to notify Division 65—Duty to notify 65‑1 Simplified outline 65‑5 Registered entities must notify Commissioner of certain matters Chapter 4—Regulatory powers of the ACNC Commissioner Part 4‑1—Information gathering and monitoring powers Division 70—Information gathering powers 70‑1 Simplified outline 70‑5 Commissioner may obtain information and documents 70‑10 Commissioner may inspect and copy original documents 70‑15 Commissioner may retain original documents 70‑20 Commissioner may inspect and retain copies of documents 70‑25 Self‑incrimination Division 75—Monitoring Subdivision 75‑A—Overview 75‑1 Simplified outline Subdivision 75‑B—Application of this Division 75‑5 Provisions subject to monitoring 75‑10 Information subject to monitoring Subdivision 75‑C—Monitoring powers 75‑15 ACNC officer may enter premises by consent or under a warrant 75‑20 Monitoring powers of ACNC officers 75‑25 Operating electronic equipment 75‑30 Securing evidence of the contravention of a provision subject to monitoring 75‑35 Individuals assisting ACNC officers 75‑40 ACNC officer may ask questions and seek production of documents Subdivision 75‑D—Obligations and incidental powers of ACNC officers 75‑45 Consent 75‑50 Announcement before entry under warrant 75‑55 ACNC officer to be in possession of warrant 75‑60 Details of warrant etc. to be given to occupier 75‑65 Expert assistance to operate electronic equipment 75‑70 Compensation for damage to electronic equipment Subdivision 75‑E—Occupier's rights and responsibilities 75‑75 Occupier entitled to observe execution of warrant 75‑80 Occupier to provide ACNC officer with facilities and assistance Subdivision 75‑F—Monitoring warrants 75‑85 Monitoring warrants Subdivision 75‑G—Powers of issuing officers 75‑90 Powers of issuing officers Subdivision 75‑H—General provisions 75‑95 Identity cards Part 4‑2—Enforcement powers Division 80—Warnings 80‑1 Simplified outline 80‑5 Commissioner may issue formal warning Division 85—Directions Subdivision 85‑A—Overview 85‑1 Simplified outline Subdivision 85‑B—Commissioner's power to give directions 85‑5 Commissioner may give directions in certain circumstances 85‑10 Kinds of direction 85‑15 Power to comply with directions 85‑20 Variation and revocation of directions 85‑25 Objections Subdivision 85‑C—Non‑compliance with a direction 85‑30 Non‑compliance with a direction Division 90—Enforceable undertakings 90‑1 Simplified outline 90‑5 Enforceable provisions 90‑10 Acceptance of undertakings 90‑15 Enforcement of undertakings Division 95—Injunctions 95‑1 Simplified outline 95‑5 Enforceable provisions 95‑10 Injunctions relating to federally regulated entity etc. 95‑15 Grant of injunctions 95‑20 Interim injunctions 95‑25 Discharging or varying injunctions 95‑30 Certain limits on granting injunctions not to apply 95‑35 Court to take account of objects of this Act 95‑40 Other powers of a court unaffected Division 100—Suspension and removal of responsible entities Subdivision 100‑A—Overview 100‑1 Simplified outline Subdivision 100‑B—Suspension and removal of responsible entities 100‑5 Commissioner's exercise of power under this Subdivision 100‑10 Suspension of responsible entities 100‑15 Removal of responsible entities 100‑20 Effect of suspension or removal—suspended or removed responsible entities must not be reappointed 100‑25 Effect of suspension or removal—prohibition on managing the registered entity Subdivision 100‑C—Acting responsible entities 100‑30 Appointment of acting responsible entities 100‑35 Acting responsible entities of trusts with constitutional corporations as trustees 100‑40 Terms and conditions of appointment of acting responsible entities 100‑45 Termination of appointments of acting responsible entities 100‑50 Resignation of acting responsible entities 100‑55 Powers of acting responsible entities 100‑60 Commissioner may give directions to acting responsible entities Subdivision 100‑D—Special provisions about acting trustees 100‑65 Property vesting orders 100‑70 Property vested in acting trustee—former trustees' obligations relating to books, identification of property and transfer of property Chapter 5—The Australian Charities and Not‑for‑profits Commission Part 5‑1—The ACNC Division 105—Establishment and function of the ACNC 105‑5 Establishment 105‑10 Constitution of the ACNC 105‑15 Function of the ACNC 105‑20 ACNC has privileges and immunities of the Crown Part 5‑2—The Commissioner Division 110—Establishment, functions and powers of the Commissioner 110‑5 Establishment 110‑10 Assistance functions of Commissioner 110‑15 Powers of Commissioner 110‑20 Working with the Advisory Board Division 115—Terms and conditions of appointment 115‑5 Appointment 115‑10 Term of appointment 115‑15 Acting Commissioner 115‑20 Remuneration 115‑25 Leave of absence 115‑30 Disclosure of interests 115‑35 Outside employment 115‑40 Other terms and conditions 115‑45 Resignation 115‑50 Termination of appointment 115‑55 Delegation Division 120—Staff and consultants 120‑5 Staff 120‑10 Consultants Part 5‑3—Finance and reporting requirements Division 125—ACNC Special Account 125‑5 ACNC Special Account 125‑10 Credits to the account 125‑15 Purposes of the account Division 130—Annual report 130‑5 Annual report Chapter 6—The Advisory Board Part 6‑1—The Advisory Board Division 135—Establishment, functions and powers 135‑5 Establishment 135‑10 Membership 135‑15 Function and powers of Advisory Board Division 140—Terms and conditions of appointment of members of the Advisory Board 140‑5 Appointment 140‑10 Term of appointment 140‑15 Remuneration and allowances 140‑20 Disclosure of interests 140‑25 Other terms and conditions 140‑30 Resignation 140‑35 Termination of appointment Division 145—Advisory Board procedures 145‑5 Meetings of the Advisory Board Chapter 7—Miscellaneous Part 7‑1—Secrecy Division 150—Secrecy Subdivision 150‑A—Preliminary 150‑5 Objects of this Division 150‑10 Application of this Division to entities other than ACNC officers 150‑15 Meaning of protected ACNC information 150‑20 ACNC officer not required to provide information in certain cases Subdivision 150‑B—Disclosure of protected ACNC information by ACNC officers 150‑25 Offence—disclosure or use of protected ACNC information Subdivision 150‑C—Authorised disclosure 150‑30 Exception—disclosure in performance of duties under Act 150‑35 Exception—disclosure on Register to achieve objects of this Act 150‑40 Exception—disclosure to an Australian government agency 150‑45 Exception—disclosure or use with consent 150‑50 Exception—disclosure of information lawfully made available to the public Subdivision 150‑D—On‑disclosure of protected ACNC information 150‑55 Offence—on‑disclosure of protected ACNC information 150‑60 Exception—on‑disclosure or use for the purpose of the original exception 150‑65 Exception—on‑disclosure of information lawfully made available to the public Part 7‑2—Review and appeals Division 155—Preliminary 155‑5 Application of this Part 155‑10 Decisions covered by single notice to be treated as single decision Division 160—Objections 160‑5 How objections are to be made 160‑10 When objection is to be made 160‑15 Commissioner to decide objections 160‑20 Entity may require Commissioner to make an objection decision 160‑25 Entity may seek review of, or appeal against, Commissioner's decision Division 165—ART review of objection decisions and extension of time refusal decisions 165‑5 ART Act applies subject to this Division 165‑10 Special rules for objection decisions or extension of time refusal decisions 165‑15 When and how to apply to the ART 165‑20 Parties to proceedings for review 165‑25 Giving documents to the ART 165‑30 Grounds of objection and burden of proof 165‑35 Implementation of ART decisions 165‑50 Pending review not to affect implementation of administrative decisions 165‑55 Reviews may be combined Division 170—Court appeals against objection decisions 170‑5 Time limit for appeals 170‑10 Grounds of objection and burden of proof 170‑15 Order of court on objection decision 170‑20 Implementation of court order in respect of objection decision 170‑25 Pending appeal not to affect implementation of administrative decisions 170‑30 Appeals may be combined Part 7‑3—Penalties Division 175—Administrative penalties Subdivision 175‑A—Overview 175‑1 Simplified outline Subdivision 175‑B—Penalties for statements 175‑5 Application of this Subdivision to statements 175‑10 Penalty for false or misleading statements 175‑15 Amount of penalty 175‑20 Base penalty amount 175‑25 Increase in penalty 175‑30 Reduction of penalty if entity voluntarily tells the Commissioner Subdivision 175‑C—Penalties for failing to lodge documents on time 175‑35 Liability to penalty 175‑40 Amount of penalty Subdivision 175‑D—Machinery provisions for administrative penalties 175‑45 Scope of Subdivision 175‑50 Notification of liability 175‑55 Due date for penalty 175‑60 Remission of penalty 175‑65 General interest charge on unpaid penalty 175‑70 Collection of penalty by Commissioner of Taxation Part 7‑4—Application of this Act to entities Division 180—Obligations, liabilities and offences Subdivision 180‑A—Overview 180‑1 Simplified outline Subdivision 180‑B—Unincorporated associations and bodies of persons 180‑5 Obligations and liabilities 180‑10 Offences 180‑15 Offences—defences Subdivision 180‑C—Trusts 180‑20 Obligations and liabilities 180‑25 Offences Subdivision 180‑D—Bodies corporate 180‑30 Liabilities Subdivision 180‑E—Rights of indemnity and contribution 180‑35 Rights of indemnity and contribution Part 7‑5—Constitutional matters Division 185—Constitutional matters 185‑5 Concurrent operation of State and Territory laws 185‑10 Compensation for acquisition of property Part 7‑6—Forms and regulations Division 190—Requirements about giving material Subdivision 190‑A—Object of this Division 190‑5 Object of this Division Subdivision 190‑B—General provisions 190‑10 Approved forms 190‑15 Commissioner may defer time for lodgement 190‑20 Declaration by entity 190‑25 Declaration by entity where agent gives document 190‑30 Declaration by agent 190‑35 Signing declarations 190‑40 Returns etc. given by registered entities that can change the governing rules of other registered entities Division 195—Address for service 195‑5 Address for service 195‑10 How documents may be given Division 200—Regulations 200‑5 Regulations Chapter 8—Interpretation Part 8‑1—Core concepts Division 205—Core concepts Subdivision 205‑A—Entities 205‑5 Entities 205‑10 Companies 205‑15 Federally regulated entity 205‑20 Constitutional corporation Subdivision 205‑B—Registered entities 205‑25 Small, medium and large registered entities 205‑30 Responsible entity 205‑35 Basic religious charity Subdivision 205‑C—Other core concepts 205‑40 Contribution Part 8‑2—Dictionary Division 300—Dictionary 300‑5 Dictionary Endnotes Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history An Act to establish the Australian Charities and Not‑for‑profits Commission and a national regulatory framework for the not‑for‑profit sector, and for related purposes Preamble The Parliament of Australia recognises the unique nature and diversity of not‑for‑profit entities and the distinctive role that they play in Australia. Not‑for‑profit entities promote a broad range of community, altruistic and philanthropic purposes. The not‑for‑profit sector delivers vital services and benefits to communities throughout Australia. The not‑for‑profit sector receives a range of funding, including donations from members of the public and tax concessions, grants and other support from Australian governments. It is important that a national regulatory system that promotes good governance, accountability and transparency for not‑for‑profit entities be introduced to maintain, protect and enhance public trust and confidence in the not‑for‑profit sector. It is therefore necessary to establish a Commissioner of the Australian Charities and Not‑for‑profits Commission who will focus on the not‑for‑profit sector and will recognise and respond to the diversity and uniqueness of the sector. The Parliament of Australia enacts: Chapter 1—Introduction Part 1‑1—Preliminary Division 5—Preliminary 5‑5 Short title This Act may be cited as the Australian Charities and Not‑for‑profits Commission Act 2012. 5‑10 Commencement (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms. Commencement information Column 1 Column 2 Column 3 Provision(s) Commencement Date/Details 1. Sections 5‑5 and 5‑10 and anything in this Act not elsewhere covered by this table The day this Act receives the Royal Assent. 3 December 2012 2. Sections 5‑15 to 300‑5 The later of: 3 December 2012 (a) 1 October 2012; and (b) the day the Australian Charities and Not‑for‑profits Commission (Consequential and Transitional) Act 2012 receives the Royal Assent. However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur. Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act. (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act. 5‑15 Crown to be bound (1) This Act binds the Crown in each of its capacities. (2) This Act does not make the Crown liable to a pecuniary penalty or to be prosecuted for an offence. 5‑20 Extension to external Territories This Act extends to every external Territory. Division 10—Guide to this Act 10‑5 Guide to this Act The following is a guide to this Act: This Act establishes a regulatory system for not‑for‑profit entities. This Act establishes a national regulator for not‑for‑profit entities. The regulator is the Commissioner of the Australian Charities and Not‑for‑profits Commission (the ACNC). The Commissioner is responsible for registering entities as not‑for‑profit entities according to their type and subtypes. Registration with the ACNC is a necessary precondition for access to certain Commonwealth taxation concessions. Registration under this Act may also be a prerequisite for other exemptions, benefits and concessions provided under other Australian laws. The Commissioner of the ACNC will cooperate with other government agencies to oversee a simplified and streamlined regulatory framework for not‑for‑profit entities. The Commissioner of the ACNC will provide information to help the public understand the work of the not‑for‑profit sector and to support the transparency and accountability of the sector. Part 1‑2—Objects of this Act Division 15—Objects of this Act 15‑5 Objects of this Act (1) The objects of this Act are: (a) to maintain, protect and enhance public trust and confidence in the Australian not‑for‑profit sector; and (b) to support and sustain a robust, vibrant, independent and innovative Australian not‑for‑profit sector; and (c) to promote the reduction of unnecessary regulatory obligations on the Australian not‑for‑profit sector. (2) This Act achieves those objects by: (a) establishing a national regulatory framework for not‑for‑profit entities that reflects the unique structures, funding arrangements and goals of such entities; and (b) establishing the Commissioner of the Australian Charities and Not‑for‑profits Commission, who will: (i) be responsible for registering entities as not‑for‑profit entities according to their type and subtypes; and (ii) administer the national regulatory framework; and (iii) assist registered entities in complying with and understanding this Act, by providing them with guidance and education. (3) Registration is a prerequisite for an entity to access certain Commonwealth tax concessions. (4) Registration under this Act may also be a prerequisite for other exemptions, benefits and concessions provided under other Australian laws. 15‑10 Commissioner to have regard to certain matters in exercising powers and functions In performing his or her functions and exercising his or her powers, the Commissioner must have regard to the following: (a) the maintenance, protection and enhancement of public trust and confidence in the not‑for‑profit sector; (b) the need for transparency and accountability of the not‑for‑profit sector to the public (including donors, members and volunteers of registered entities) by ensuring the public has access to information about not‑for‑profit entities; (c) the benefits gained from providing information to the public about not‑for‑profit entities; (d) the maintenance and promotion of the effectiveness and sustainability of the not‑for‑profit sector; (e) the following principles: (i) the principle of regulatory necessity; (ii) the principle of reflecting risk; (iii) the principle of proportionate regulation; (f) the need for the Commissioner: (i) to cooperate with other Australian government agencies; and (ii) to administer effectively the laws that confer functions and powers on the Commissioner; (including in order to minimise procedural requirements and procedural duplication); (g) the benefits gained from assisting registered entities in complying with and understanding this Act, by providing them with guidance and education; (h) the unique nature and diversity of not‑for‑profit entities and the distinctive role that they play in Australia. Chapter 2—Registration of not‑for‑profit entities Part 2‑1—Registration Division 20—Object of this Part 20‑5 Object of this Part Tax concessions (1) This Part provides for the Commissioner to register entities as particular types and subtypes of not‑for‑profit entities. It also provides for the Commissioner to revoke the registration of registered entities. (2) Such registration is a prerequisite for an entity to access certain Commonwealth tax concessions. The object of this Part is to ensure that these tax concessions are available only to entities that are governed and regulated in accordance with this Act. Other concessions (3) Registration under this Act may also be a prerequisite for other exemptions, benefits and concessions provided under other Australian laws. Division 25—Entitlement to registration 25‑1 Simplified outline The following is a simplified outline of this Division: A not‑for‑profit entity is entitled to registration under this Act as a type of entity if certain conditions are satisfied. A not‑for‑profit entity is entitled to registration under this Act as a subtype of entity if certain conditions are satisfied (including that the entity is registered as a type of entity). 25‑5 Entitlement to registration (1) An entity is entitled to registration as a type of entity if: (a) it meets the conditions in subsection (3); and (b) it meets the description of that type of entity in column 1 of the table in subsection (5); and (c) if the entity has previously been a registered entity, but its registration as a type of entity has been revoked—the Commissioner is satisfied that the matters which led to the revocation have been dealt with such that the registration of the entity would not conflict with the objects of this Act. Note: Registration of an entity mentioned in paragraph (c) has effect from the time of registration (see section 30‑30). It does not rescind the revocation of the previous registration. (2) An entity is entitled to registration as a subtype of entity if: (a) it meets the conditions in subsection (3); and (b) it meets the description of that subtype of entity in column 2 of the table in subsection (5); and (c) it is entitled to registration as the type of entity that corresponds to that subtype of entity (as set out in that table); and (d) it is registered as that type of entity. (3) The conditions are as follows: (a) the entity is a not‑for‑profit entity; (b) the entity is in compliance with the governance standards and external conduct standards (see Part 3‑1); (c) the entity has an ABN; (d) the entity is not covered by a decision in writing made by an Australian government agency (including a judicial officer) under an Australian law that provides for entities to be characterised on the basis of them engaging in, or supporting, terrorist or other criminal activities. (4) To avoid doubt, an entity may be entitled to registration as more than one subtype of entity. Note: An entity could be registered as an entity with a purpose of advancing social or public welfare, and also be registered as a public benevolent institution. (5) The table is as follows: Entitlement to registration Item Column 1 Column 2 Type of entity Corresponding subtype of entity 1 Charity Entity with a purpose to which paragraph (a) of the definition of charitable purpose in subsection 12(1) of the Charities Act 2013 applies (advancing health) 2 Entity with a purpose to which paragraph (b) of the definition of charitable purpose in subsection 12(1) of the Charities Act 2013 applies (advancing education) 3 Entity with a purpose to which paragraph (c) of the definition of charitable purpose in subsection 12(1) of the Charities Act 2013 applies (advancing social or public welfare) 4 Entity with a purpose to which paragraph (d) of the definition of charitable purpose in subsection 12(1) of the Charities Act 2013 applies (advancing religion) 5 Entity with a purpose to which paragraph (e) of the definition of charitable purpose in subsection 12(1) of the Charities Act 2013 applies (advancing culture) 6 Entity with a purpose to which paragraph (f) of the definition of charitable purpose in subsection 12(1) of the Charities Act 2013 applies (promoting reconciliation, mutual respect and tolerance between groups of individuals that are in Australia) 7 Entity with a purpose to which paragraph (g) of the definition of charitable purpose in subsection 12(1) of the Charities Act 2013 applies (promoting or protecting human rights) 8 Entity with a purpose to which paragraph (h) of the definition of charitable purpose in subsection 12(1) of the Charities Act 2013 applies (advancing the security or safety of Australia or the Australian public) 9 Entity with a purpose to which paragraph (i) of the definition of charitable purpose in subsection 12(1) of the Charities Act 2013 applies (preventing or relieving the suffering of animals) 10 Entity with a purpose to which paragraph (j) of the definition of charitable purpose in subsection 12(1) of the Charities Act 2013 applies (advancing the natural environment) 11 Entity with a purpose to which paragraph (k) of the definition of charitable purpose in subsection 12(1) of the Charities Act 2013 applies (purposes beneficial to the general public and analogous to the other charitable purposes) 12 Entity with a purpose to which paragraph (l) of the definition of charitable purpose in subsection 12(1) of the Charities Act 2013 applies (advancing public debate) 13 Institution whose principal activity is to promote the prevention or the control of diseases in human beings 14 Public benevolent institution Note 1: For the definition of charity, see the Charities Act 2013. Note 2: An entity commonly known as a health promotion charity could be an entity described in column 2 of item 13 of the table (institution whose principal activity is to promote the prevention or the control of diseases in human beings). Trusts (6) Section 18 of the Charities Act 2013 (Cy pres and similar schemes) applies: (a) for the purposes of this Act; or (b) for the purposes of determining whether an entity meets the description of a type or subtype of entity in the table in subsection (5) of this section; in the same way as that section 18 applies for the purposes of that Act. Division 30—Process of registration 30‑1 Simplified outline The following is a simplified outline of this Division: This Division outlines the process for the registration of entities as a type and subtypes. The Commissioner must register an entity if the entity applies in the approved form, is entitled to registration and has given the Commissioner all necessary information and documents. 30‑5 Application of this Division to various kinds of registration This Division applies separately in relation to each of the following kinds of registration: (a) registration as a type of entity; (b) registration as a subtype of entity. 30‑10 Applying for registration (1) An entity may apply to the Commissioner for registration. (2) The application must be in the approved form. 30‑15 Dealing with an application for registration Requiring further information or documents (1) The Commissioner may require an applicant to give the Commissioner specified information, or a specified document, that the Commissioner needs in order to decide whether the applicant is entitled to registration. Treating application as being refused (2) After the time worked out under subsection (3), the applicant may give the Commissioner, in the approved form, written notice that the applicant wishes to treat the application as having been refused, if the Commissioner has not given the applicant before that time written notice that the Commissioner has registered or has refused to register the applicant. Note: Section 30‑25 requires the Commissioner to give the applicant written notice if the Commissioner has registered or has refused to register the applicant. (3) The time is the end of the 60th day after the application was made. However, if before that time the Commissioner requires the applicant under subsection (1) to give information or a document, the time is the later of the following (or either of them if they are the same): (a) the end of the 28th day after the last day on which the applicant gives the Commissioner information or a document that the Commissioner has required under subsection (1); (b) the end of the 60th day after the application was made. (4) If the applicant gives notice under subsection (2), section 30‑35 operates as if the Commissioner refuses the application on the day on which the notice is given. Note: Section 30‑35 lets the applicant object against refusal of an application in the manner set out in Part 7‑2. 30‑20 Registration of entity The Commissioner must register the applicant if: (a) the application is in the approved form; and (b) if the Commissioner has required the applicant under subsection 30‑15(1) to give information or a document—the applicant has given the Commissioner that information or document; and (c) the applicant is entitled to registration under Division 25. 30‑25 Notifying outcome of application for registration The Commissioner must give the applicant written notice if: (a) the Commissioner registers the applicant; or (b) the Commissioner refuses to register the applicant. 30‑30 Date of effect of registration The registration has effect from a date specified by the Commissioner. 30‑35 Review of refusal of registration If the applicant is dissatisfied with the Commissioner's refusal to register the applicant in accordance with the application, the applicant may object against the refusal in the manner set out in Part 7‑2. Division 35—Revoking registration 35‑1 Simplified outline The following is a simplified outline of this Division: The Commissioner may revoke an entity's registration under this Act if the Commissioner reasonably believes that any of certain conditions exist. These conditions include the following: (a) the entity not being entitled to registration; (b) the entity contravening this Act or not complying with a governance standard or external conduct standard; (c) the entity providing information that was false or misleading in a material particular in its application for registration; (d) the entity requesting that the Commissioner revoke the registration. The Commissioner must consider a range of factors before revoking a registered entity's registration under this Act. If the Commissioner believes on reasonable grounds that a registered entity is not entitled to be registered, the Commissioner may give a show cause notice to the entity. 35‑5 Application of this Division to various kinds of registration (1) This Division applies separately in relation to each of the following kinds of registration: (a) registration as a type of entity; (b) registration as a subtype of entity. (2) However, the Commissioner must revoke a registered entity's registration as a subtype of entity if the Commissioner revokes the entity's registration as the type of entity that corresponds to that subtype (as set out in the table in subsection 25‑5(5)). 35‑10 Revoking registration (1) The Commissioner may revoke the registration of a registered entity if the Commissioner reasonably believes that any of the following conditions are met: (a) at any time after the date of effect of the registration, the entity is or was not entitled to registration; (b) the registered entity provided, in connection with its application for registration, information that was false or misleading in a material particular; (c) at any time after the date of effect of the registration: (i) the registered entity has contravened a provision of this Act, or it is more likely than not that the registered entity will contravene a provision of this Act; or (ii) the registered entity has not complied with a governance standard or external conduct standard, or it is more likely than not that the registered entity will not comply with such a standard; (d) the registered entity has: (i) a trustee in bankruptcy; or (ii) a liquidator; or (iii) a person appointed, or authorised, under an Australian law to manage the affairs of the entity because it is unable to pay all its debts as and when they become due and payable; (e) the registered entity has made a request to the Commissioner, in the approved form, that the Commissioner revoke the registration. (2) In deciding whether to revoke the registration of an entity the Commissioner must take account of the following matters: (a) the nature, significance and persistence of any contravention of this Act or non‑compliance with a governance standard or external conduct standard (or any such contravention or non‑compliance that is more likely than not) by the registered entity; (b) what action the Commissioner, the registered entity, or any of the responsible entities of the registered entity, could take or have taken: (i) to address any such contravention or non‑compliance (or prevent any such contravention or non‑compliance that is more likely than not); or (ii) to prevent any similar contravention or non‑compliance; (c) the desirability of ensuring that contributions (see section 205‑40) to the registered entity are applied consistently with the not‑for‑profit nature, and the purpose, of the registered entity; (d) the objects of any Commonwealth laws that refer to registration under this Act; (e) the extent (if any) to which the registered entity is conducting its affairs in a way that may cause harm to, or jeopardise, the public trust and confidence in the not‑for‑profit sector mentioned in subsection 15‑5(1) (Objects of this Act); (f) the welfare of members of the community (if any) that receive direct benefits from the registered entity; (g) any other matter that the Commissioner considers relevant. (3) The revocation must specify the day on which the entity's registration is taken to be revoked. The specified day must be: (a) if the reason for the revocation is that the entity is not entitled to registration: (i) the day on which the entity first ceased to be entitled; or (ii) a later day; or (b) if the reason for the revocation is that the entity provided, in connection with its application for registration, information that was false or misleading in a material particular: (i) the day on which the registration took effect; or (ii) a later day; or (c) otherwise: (i) the day on which the revocation is made; or (ii) a later day. (4) The Commissioner must give the entity written notice within 14 days if the Commissioner revokes its registration. 35‑15 Notice to registered entity to show cause (1) Before revoking the registration, the Commissioner must give a written notice (a show cause notice) to the registered entity. (2) The show cause notice must: (a) state the grounds on which the Commissioner proposes to revoke the registration; and (b) invite the registered entity to give the Commissioner, within 28 days after the day the notice is given, a written statement showing cause why the Commissioner should not revoke the registration. (3) This section does not apply if the Commissioner believes, on reasonable grounds and taking into account the matters mentioned in subsection 35‑10(2), that it would be appropriate for the Commissioner to revoke the registration without giving a show cause notice to the registered entity. 35‑20 Review of revocation of registration If the entity is dissatisfied with the revocation of its registration or a decision by the Commissioner to not revoke the entity's registration, the entity may object against the revocation or decision in the manner set out in Part 7‑2. Part 2‑2—Australian Charities and Not‑for‑profits Register Division 40—Australian Charities and Not‑for‑profits Register 40‑1 Simplified outline The following is a simplified outline of this Division: This Division provides for the Australian Charities and Not‑for‑profits Register. The Register contains information about each registered entity and each former registered entity. The Commissioner must publish the Register on the internet, but may, subject to the public interest, withhold certain information from such publication. 40‑5 Commissioner to maintain Australian Charities and Not‑for‑profits Register Information (1) The Commissioner is to maintain a register (known as the Australian Charities and Not‑for‑profits Register) in which the Commissioner includes the following information: (a) the following information in respect of each registered entity: (i) the entity's name; (ii) the entity's contact details (including its address for service); (iii) the entity's ABN; (iv) the type of entity as which it is registered or has been registered; (v) each subtype of entity (if any) as which it is registered or has been registered; (vi) the date of effect of each such registration; (vii) the entity's governing rules; (b) the following information in respect of each former registered entity: (i) the entity's name; (ii) the entity's ABN; (iii) the type of entity as which it was registered; (iv) each subtype of entity (if any) as which it was registered; (v) the date of effect of each such registration; (vi) the entity's governing rules; (c) the following details in respect of each responsible entity of each registered entity: (i) the name of each responsible entity; (ii) the position held by the responsible entity in relation to the registered entity; (d) information statements given by registered entities under Division 60 (except to the extent (if any) that information in an information statement is classified, in the approved form mentioned in section 60‑5, as "not for publication"); (e) financial reports, and any audit or review reports, given by registered entities under Division 60; (f) the details of the following matters (including a summary of why the matter arose, details regarding any response by the relevant registered entity and the resolution (if any) of the matter): (i) each warning issued to a registered entity by the Commissioner under Division 80; (ii) each direction issued to a registered entity by the Commissioner under Division 85; (iii) each undertaking given by a registered entity and accepted by the Commissioner under Division 90; (iv) each injunction (including interim injunctions) made under Division 95; (v) each suspension or removal made under Division 100; (g) any other information: (i) that the Commissioner is authorised to collect under a provision of this Act; and (ii) that is specified in the regulations. Note: Regulations made for the purposes of subsection 40‑10(1) may provide that the Commissioner must not include information on the Register in certain circumstances. (2) The Commissioner must not include the information mentioned in paragraph (1)(f) before the end of 14 days after the day the warning or direction is issued, the undertaking is given, the injunction is made or the suspension or removal occurs, unless the Commissioner considers that the public interest requires the information to be included earlier. Register to be maintained by electronic means (3) The Register is to be maintained by electronic means. (4) The Register is to be made available for public inspection on the internet. Note: See section 150‑35 for limitations on including personal information on the Register. 40‑10 Commissioner may withhold or remove information from Register (1) Regulations made for the purposes of this subsection may provide that the Commissioner must not include information on the Register, or must remove information from the Register, in prescribed circumstances. (2) The Commissioner may decline to include information on the Register, or may remove information from the Register, if the Commissioner considers that any of the following circumstances exist: (a) the information: (i) is commercially sensitive; and (ii) has the potential to cause detriment to the registered entity (or former registered entity) to which it relates, or to an individual; (b) the information is inaccurate, is likely to cause confusion or is likely to mislead the public; (c) the information is likely to offend a reasonable individual; (d) the information could endanger public safety; (da) all of the following subparagraphs apply: (i) the information is the details of a warning issued to a registered entity by the Commissioner under Division 80, as mentioned in paragraph 40‑5(1)(f); (ii) the information has the potential to cause detriment to the entity, or to an individual; (iii) the contravention, likely contravention, non‑compliance or likely non‑compliance mentioned in subsection 80‑5(1) was not, or would not be, in bad faith; (iv) the contravention, likely contravention, non‑compliance or likely non‑compliance has been dealt with, or prevented, such that declining to include the information, or removing the information, would not conflict with the objects of this Act; (e) any circumstances prescribed by the regulations for the purposes of this paragraph. (3) However, the Commissioner may include the information on the Register, or decline to remove information from the Register, if the Commissioner considers that the public interest in the Register including the information outweighs the likely adverse effect of the relevant circumstance or circumstances set out in paragraphs (2)(a) to (e). (4) The Commissioner may remove information mentioned in paragraph 40‑5(1)(f) from the Register if: (a) the information has been on the Register for more than 5 years; and (b) the Commissioner considers that the public interest does not require the information to be retained on the Register. Chapter 3—Responsibilities of registered entities Part 3‑1—Governance standards and external conduct standards Division 45—Governance standards 45‑1 Simplified outline The following is a simplified outline of this Division: This Division sets up a system to allow the creation of minimum governance standards that entities are required to meet (in order to become registered, and on an ongoing basis). These governance standards are to be set out in the regulations. Compliance with the governance standards is a condition of entitlement to registration under paragraph 25‑5(3)(b). The object of the system setting up the standards is to provide a minimum level of confidence that registered entities will promote the effective and efficient use of their resources, will meet community expectations about managing their affairs and the use of public money, volunteer time and donations, and will minimise the risk of mismanagement and misappropriation. 45‑5 Object of this Division (1) The object of this Division is to promote the objects of this Act by giving the public (including donors, members and volunteers of registered entities) confidence that registered entities: (a) manage their affairs openly, accountably and transparently; and (b) use their resources (including contributions and donations) effectively and efficiently; and (c) minimise the risk of mismanagement and misappropriation; and (d) pursue their purposes. Note: The objects of this Act include supporting and sustaining a robust, vibrant, independent and innovative Australian not‑for‑profit sector (see subsection 15‑5(1)). (2) This Division achieves that object by setting up a system to allow the regulations to specify standards with which an entity must comply in order to become registered under this Act, and to remain entitled to be registered under this Act. Note 1: The main consequence of failure to comply with these standards is a loss of the entity's entitlement to registration. If the entity is a federally regulated entity, such a failure to comply may also result in enforcement action under Chapter 4. Note 2: For the consequences of registration, see section 20‑5. Note 3: A registered entity must notify the Commissioner of significant non‑compliance with these standards that results in the entity no longer being entitled to be registered (see section 65‑5). 45‑10 Regulations establishing governance standards (1) The regulations may specify standards (the governance standards) with which an entity must comply in order to become registered under this Act, and to remain entitled to be registered under this Act. (2) Without limiting the scope of subsection (1), those standards may: (a) require the entity to ensure that its governing rules provide for a specified matter; or (b) require the entity to achieve specified outcomes and: (i) not specify how the entity is to achieve those outcomes; or (ii) specify principles as to how the entity is to achieve those outcomes; or (c) require the entity to establish and maintain processes for the purpose of ensuring specified matters. (2A) Without limiting subparagraph (2)(b)(ii), the principles mentioned in that subparagraph may reflect the size of the entity, the amount and nature of contributions to the entity and the nature of the activities undertaken by the entity in pursuit of its purposes. (3) Without limiting the scope of subsection (1), those standards may provide that specified requirements do not apply to specified kinds of entity. (4) Without limiting the scope of subsection (1), those standards may provide that different requirements apply to different kinds of entity. Basic religious charities (5) The regulations must not require a registered entity to do, or not to do, a thing (including the things mentioned in subsection (2)) if the registered entity is a basic religious charity. Political advocacy (6) The regulations must not require an entity not to comment on, or advocate support for, a change to any matter established by law, policy or practice in the Commonwealth, a State, a Territory or another country, if: (a) the comment or advocacy furthers, or is in aid of, the purpose of the entity; and (b) the comment or advocacy is lawful. 45‑15 Consultation (1) Before the Governor‑General makes a regulation for the purposes of subsection 45‑10(1), the Minister must be satisfied that: (a) appropriate consultation has been undertaken with: (i) the not‑for‑profit sector (such as through entities that represent parts of the sector); and (ii) entities having expertise in fields relevant to the proposed regulation; and (iii) entities likely to be affected by the proposed regulation; and (iv) the Commissioner; and (b) relevant input received as part of that consultation has been taken into account adequately. (2) Without limiting, by implication, the form that consultation mentioned in paragraph (1)(a) might take, consultation to which all of the following paragraphs apply is appropriate consultation: (a) the consultation involves consultation with the public; (b) the consultation involves: (i) notifying, directly and by advertisement, the entities mentioned in paragraph (1)(a) of the consultation; and (ii) inviting them to make submissions by a specified date and, where necessary, to participate in public hearings to be held concerning the proposed regulation; (c) the consultation is facilitated by the Commissioner. (3) The fact that consultation does not occur, or that input is not taken into account, does not affect the validity or enforceability of the regulation. (4) Section 17 (consultation) of the Legislation Act 2003 does not apply to a regulation proposed to be made for the purposes of subsection 45‑10(1) of this Act. 45‑20 Parliamentary scrutiny of standards Despite subsection 12(1) of the Legislation Act 2003, a provision of a regulation made for the purposes of subsection 45‑10(1) of this Act does not commence until the day after the earlier of: (a) if both Houses of the Parliament pass a resolution approving the provision—the day the resolution is passed by the second House to do so; and (b) the last day on which the regulation could be disallowed in either House, unless: (i) the regulation is disallowed; or (ii) either House passes a resolution disapproving the provision; on or before that day. Division 50—External conduct standards 50‑1 Simplified outline The following is a simplified outline of this Division: This Division sets up a system to allow the creation of minimum external conduct standards that entities are required to meet (in order to become registered, and on an ongoing basis). These external conduct standards are to be set out in the regulations and must deal only with: (a) matters external to Australia; or (b) matters not external to Australia but that are closely related to, or have or will have a significant impact on, entities, things or matters external to Australia. Compliance with the external conduct standards is a condition of entitlement to registration under paragraph 25‑5(3)(b). 50‑5 Object of this Division (1) The object of this Division is to give the public (including donors, members and volunteers of registered entities) confidence that: (a) funds sent outside Australia by registered entities: (i) are reaching legitimate beneficiaries; and (ii) are being used for legitimate purposes; and (iii) are not contributing to terrorist, or other criminal, activities; and (b) activities engaged in outside Australia by registered entities are not contributing to terrorist, or other criminal, activities. (2) This Division achieves that object by setting up a system to allow the regulations to specify standards: (a) with which an entity must comply in order to become registered under this Act, and to remain entitled to be registered under this Act; and (b) regulating funds sent outside Australia by registered entities, and activities engaged in outside Australia by registered entities. Note 1: The main consequence of failure to comply with these standards is a loss of the entity's entitlement to registration. Such a failure to comply may also result in enforcement action under Chapter 4. Note 2: For the consequences of registration, see section 20‑5. Note 3: A registered entity must notify the Commissioner of significant non‑compliance with these standards that results in the entity no longer being entitled to be registered (see section 65‑5). 50‑10 External conduct standards (1) The regulations may specify standards (the external conduct standards) with which an entity must comply in order to become registered under this Act, and to remain entitled to be registered under this Act. (2) Without limiting the scope of subsection (1), those standards may: (a) require the entity to ensure that its governing rules provide for a specified matter; or (b) require the entity to achieve specified outcomes and: (i) not specify how the entity is to achieve those outcomes; or (ii) specify principles as to how the entity is to achieve those outcomes; or (c) require the entity to establish and maintain processes for the purpose of ensuring specified matters. (2A) Without limiting subparagraph (2)(b)(ii), the principles mentioned in that subparagraph may reflect the size of the entity, the amount and nature of contributions to the entity and the nature of the activities undertaken by the entity in pursuit of its purposes. (3) However, the external conduct standards must deal only with: (a) matters external to Australia; or (b) matters not external to Australia but that are closely related to, or have or will have a significant impact on, entities, things or matters external to Australia. 50‑15 Consultation (1) Before the Governor‑General makes a regulation for the purposes of subsection 50‑10(1), the Minister must be satisfied that: (a) appropriate consultation has been undertaken with: (i) the not‑for‑profit sector (such as through entities that represent parts of the sector); and (ii) entities having expertise in fields relevant to the proposed regulation; and (iii) entities likely to be affected by the proposed regulation; and (iv) the Commissioner; and (b) relevant input received as part of that consultation has been taken into account adequately. (2) Without limiting, by implication, the form that consultation mentioned in paragraph (1)(a) might take, consultation to which all of the following paragraphs apply is appropriate consultation: (a) the consultation involves consultation with the public; (b) the consultation involves: (i) notifying, directly and by advertisement, the entities mentioned in paragraph (1)(a) of the consultation; and (ii) inviting them to make submissions by a specified date and, where necessary, to participate in public hearings to be held concerning the proposed regulation; (c) the consultation is facilitated by the Commissioner. (3) The fact that consultation does not occur, or that input is not taken into account, does not affect the validity or enforceability of the regulation. (4) Section 17 (consultation) of the Legislation Act 2003 does not apply to a regulation proposed to be made for the purposes of subsection 50‑10(1) of this Act. 50‑20 Parliamentary scrutiny of standards Despite subsection 12(1) of the Legislation Act 2003, a provision of a regulation made for the purposes of subsection 50‑10(1) of this Act does not commence until the day after the earlier of: (a) if both Houses of the Parliament pass a resolution approving the provision—the day the resolution is passed by the second House to do so; and (b) the last day on which the regulation could be disallowed in either House, unless: (i) the regulation is disallowed; or (ii) either House passes a resolution disapproving the provision; on or before that day. Part 3‑2—Record keeping and reporting Division 55—Record keeping 55‑1 Simplified outline The following is a simplified outline of this Division: This Division sets out record keeping obligations for registered entities under this Act. 55‑5 Registered entities must keep records Registered entities must keep records (1) A registered entity must keep written financial records that: (a) correctly record and explain its transactions and financial position and performance; and (b) enable true and fair financial statements to be prepared and to be audited; so as to enable any recognised assessment activity to be carried out in relation to the entity. (2) A registered entity must also keep written records that correctly record its operations, so as to enable any recognised assessment activity to be carried out in relation to the entity. (3) The records must be: (a) in English; or (b) readily accessible and easily convertible into English. Registered entities must retain records (4) Subject to subsection (5), the registered entity must retain the records for 7 years after the transactions, operations or acts covered by the records are completed. (5) The Commissioner may notify the entity in writing that it does not need to retain certain records under subsection (4). Offence (6) A registered entity commits an offence if the entity does not comply with this section. Penalty: 20 penalty units. (7) An offence against subsection (6) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 55‑10 Recognised assessment activity A recognised assessment activity, in relation to a registered entity, is: (a) an activity carried out by the Commissioner involving assessment of the entity's entitlement to registration as a type or subtype of entity; or (b) an activity carried out by the Commissioner involving assessment of the entity's compliance with this Act and the regulations; or (c) an activity carried out by the Commissioner of Taxation involving assessment of the entity's compliance with any taxation law. Division 60—Reporting Subdivision 60‑A—Overview 60‑1 Simplified outline The following is a simplified outline of this Division: This Division sets out the reporting obligations for registered entities based upon the entity's size and determined according to whether the entity is a small, medium or large registered entity. All registered entities must provide the Commissioner with an annual information statement. Medium and large entities must also provide the Commissioner with a financial report. Generally, financial reports need to be reviewed for medium entities or audited for large entities. Additional reporting obligations may be placed on registered entities by the Commissioner in special circumstances, for example, if the Commissioner is concerned about an entity's compliance with this Act. Subdivision 60‑AA—Object of this Division 60‑3 Object of this Division (1) The object of this Division is to promote: (a) the transparency and accountability of registered entities; and (b) the reduction of reporting obligations of registered entities under other Australian laws. (2) The Division does this by requiring registered entities to provide information to the Commissioner that: (a) relates to this Act or the taxation law; and (b) the Commissioner: (i) will use for the purposes of this Act; or (ii) may pass on to other Australian government agencies, removing the need for those agencies to require the information from the registered entities; or (iii) will make publicly available by publishing it on the Register. Note 1: Other Australian laws provide that giving information to the Commissioner in accordance with this Act satisfies the reporting requirements of those laws. Note 2: Division 40 limits the information the Commissioner may publish on the Register. (3) The requirements this Division places on a registered entity are proportional to the size of the registered entity. Subdivision 60‑B—Annual information statements 60‑5 Registered entities must give annual information statements (1) A registered entity must give a statement (an information statement) for a financial year to the Commissioner in the approved form. Note: The Commissioner may approve different approved forms for different entities (see subsection 190‑10(4)). For example, different forms could be approved for small, medium and large registered entities. (2) The registered entity must give the information statement to the Commissioner no later than 31 December in the following financial year. Note 1: Section 190‑15 allows the Commissioner to defer the time for giving an approved form. Note 2: Section 175‑35 provides for an administrative penalty for failing to give the Commissioner a statement required by this Act within the required time. (3) Any information that the approved form requires to be provided to the Commissioner must be information that relates to, or has the purpose of, enabling recognised assessment activities to be carried out in relation to registered entities. Subdivision 60‑C—Annual financial reports 60‑10 Medium and large registered entities must give annual financial reports (1) A medium registered entity or a large registered entity must give the Commissioner a financial report for a financial year, together with any auditor's report or reviewer's report that the entity is required to obtain under section 60‑20 or 60‑25. (2) The registered entity must give the reports to the Commissioner no later than 31 December in the following financial year or such later time as the Commissioner allows. Note: Section 175‑35 provides for an administrative penalty for failing to give the Commissioner a statement required by this Act within the required time. 60‑15 Requirements for annual financial repor