New laws that will cut red tape and ease the regulatory burden on co-operatives and associations have been passed by State Parliament.
Attorney-General and Minister for Justice Yvette D’Ath said the laws would benefit smaller co-operatives, including co-operatives in regional Queensland.
“Co-operatives support local jobs and small businesses in regional communities throughout Queensland,” the Attorney-General said.
“By cutting their red tape, we’re not only assisting the co-operatives themselves, we’re also helping Queensland to Unite and Recover from COVID-19.
“It means smaller co-operatives will have simplified financial reporting and auditing requirements and be exempt from lodging publicly available accounts.
“It also means Queensland co-operatives wanting to do business across State or Territory borders will no longer have to register in each jurisdiction.”
Co-operatives operate in a diverse range of industries in Queensland including agriculture and fishing, dairy, water supply, health services, grocery and hardware supplies, recycling, and Aboriginal and Torres Strait Islander arts.
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.
The Attorney-General said the laws passed by State Parliament also include important benefits for Queensland’s not for profit sector.
“The Associations Incorporation and Other Legislation Amendment Bill includes amendments that will benefit Queensland’s not-for-profit sector,” she said.
“Particular classes of entities will be exempt from the financial reporting requirements under the Associations Incorporation Act 1981, benefiting approximately 5,000 organisations.”
“These are important reforms for co-operatives and not-for-profits that will help Queensland unite and recover.”