Queensland institutes reforms to help NFP and cooperatives post COVID-19
New laws aimed at cutting red tape and easing the regulatory burden on co-operatives and associations have been passed by Queensland Parliament, and will be of interest to early childhood education and care (ECEC) smaller co-operatives, including co-operatives in regional areas of the state.
By cutting red tape, Attorney-General and Minister for Justice Yvette D’Ath said “we’re not only assisting the co-operatives themselves, we’re also helping Queensland to unite and recover from COVID-19.”
As well as benefitting co-operatives, the laws also include important changes for Queensland’s not-for-profit sector.
“The Associations Incorporation and Other Legislation Amendment Bill includes amendments that will mean particular classes of entities will be exempt from the financial reporting requirements under the Associations Incorporation Act 1981, benefiting approximately 5,000 organisations,” Ms D’Ath said.
“These are important reforms for co-operatives and not-for-profit organisations that will help Queensland unite and recover.”
The new laws also mean that smaller co-operatives will have simplified financial reporting and auditing requirements and be exempt from lodging publicly available accounts. Those cooperatives with business dealings which cross State or Territory borders will no longer have to register in each jurisdiction.
The changes in the Co-operatives National Law Bill 2020 repeal Queensland’s current Cooperatives Act 1997, and in its place, apply the Co-operatives National Law and its regulations as a law of Queensland.
More information is available on the Queensland Government website, here.