From 1 December 2020, legislative changes came into effect for co-operatives in Queensland which are designed to facilitate a nationally consistent approach for all co-operatives across Australia.
The changes mean the Cooperatives Act 1997 (the Act) was repealed and replaced by the Co-operatives National Law Act 2020 (the CNL).
The new laws are designed for all co-operatives across Australia to adopt a nationally consistent approach, as well as to help reduce costs and red tape.
As a co-operative, you don’t need to do anything to transition to the CNL. Co-operatives registered under the Act have had their registration transferred to the CNL automatically on 1 December 2020.
The law changes are outlined below:
- types of co-operatives
- co-operative rules
- operating across state borders
- financial reporting
- fundraising
- director and officer responsibilities.
Further information and details of the changes can be found on the Office of Fair Trading Queensland website here.
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