The Senate Standing Committee on Economics has released their final report on 4 December 2008 on Disclosure Regimes for Charities and Not-for-profit Organisations. 
 
The recommendations include:

1. Agreement from all Australian Governments on common terminology when referring to organisations within the sector
2. Unit to be established within the department of Prime Minister and Cabinet for dealing with issues in this sector
3. Recommendation for a single independent national regulator for not-for-profit organisations
4. This regulator to have a similar function to regulators overseas, particularly in the United Kingdom, including maintenance of a register, dealing with complaints, education function, development of best practice
5. Commonwealth government to develop the legislation in order to establish the national regulator
6. The National regulator to provide information to the ABS on size and composition of the sector
7. A single mandatory specialist legal structure to be established for organisations through referral of state and territory powers
8. The Henry review to include an examination of taxation measures effecting not for profit organisations with a view to simplifying these arrangements
9. A national fundraising Act to be developed through referral of state and territory powers
10. A tiered reporting system to be established
11. Tiers to be established based on total annual revenue
12. Commonwealth to work with the sector to develop a standard chart of accounts
13. A new disclosure regime containing narrative and numeric reporting, as well as financial reporting to be developed acknowledging the different information needs to that of the business sector
14. The national regulator to investigate the cost vs benefit of technology involving a website that publishes information on the aims and activities of not-for-profit organisations
15. A taskforce to be established for the purposes of implementing the proposals in this report. This task force to report to COAG.