The ACNC has welcomed the announcement of funding in the 2026 federal budget that will reduce charity red tape by streamlining data sharing with ASIC.
The funding will be used by the ACNC to develop technology to automate the transfer of key data to ASIC. This will include the details of charity Responsible People that ASIC can use to update its Companies Register. The aim is to ensure that both registers have accurate information.
The ACNC currently regulates over 15,000 charities established with a company structure.
Charities are legally required to report to the ACNC rather than ASIC. They are not required to update their information on the ASIC Companies Register once registered with the ACNC.
However, it is common for banks, service providers and third parties, including grant-makers, to use ASIC’s Companies Register to verify company details such as directors.
ACNC Commissioner Sue Woodward AM said, ‘This is welcome news. We see this as a step to eliminating a pain point for charities by improving data quality and synchronisation with ASIC.
‘We are highly aware of the cumulative regulatory burden that exists for charities, and where we can reduce the reporting burden, we are always keen to do this. Access to funding to automate this process is a productivity gain.’
Data sharing is expected to commence by 1 July 2027.