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Tax
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Friday, 05 February 2010 00:00 |
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The ATO have developed a new initiative to help non-profit organisations understand their tax obligations and entitlement to tax concessions.
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Tax
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Tuesday, 12 January 2010 00:00 |
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The Australian Business Register (ABR) has recently been updated to provide more information about deductible gift recipients (DGRs). The ABR now identifies for each deductible gift recipient (DGR) the item in the table in subsection 30-15(2) of the Income Tax Assessment Act 1997 under which the entity qualifies as a DGR.
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Tax
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Wednesday, 23 September 2009 00:00 |
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The Full Federal Court in Sydney handed down its decision in FC of T v. Aid/Watch Incorporated 2009 ATC 20-131.
The court held that while Aid/Watch's objects were for the relief of poverty, its main purpose was political and thus it was precluded from being a 'charitable institution'.
The court's decision is consistent with the Tax Office's interpretation of the term 'charity' in Taxation Ruling TR 2005/21 Income tax and fringe benefits tax: charities. |
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Tax
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Monday, 14 September 2009 16:21 |
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On 10 September 2009, Tax Laws Amendment (2009 Measures No 4) Bill 2009 was passed by the Senate and is now awaiting royal assent.
The Bill amends the tax law to improve the integrity of prescribed private funds (PPFs). The amendments among other things:
- rename PPFs as private ancillary funds (PAFs)
- move the full administration of those funds under the authority of the Commissioner of Taxation (the Commissioner)
- allow the Commissioner to endorse PAFs as deductible gift recipients (DGRs)
- give the Treasurer the power to make legislative guidelines about the establishment and maintenance of PAFs
- give the Commissioner the power to impose administrative penalties on trustees that fail to comply with the guidelines and to remove or suspend trustees of non-complying funds.
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Tax
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Monday, 28 September 2009 17:01 |
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On 11 September 2009, the Assistant Treasurer released a second consultation paper on reforms to goods and services tax (GST) administration aimed at improving the operation of the tax law.
Among a range of measures, the government proposes that the GST law will be amended to ensure that non-profit sub-entities are able to access the same GST concessions as their parent entity.
The consultation paper is now available on the Treasury website and consultation closes on 9 October 2009. |
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Tax
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Sunday, 20 September 2009 12:27 |
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In the 2008‐2009 year, some 200 not‐for‐profit entities are going to receive a letter from the Commissioner of Taxation asking them politely to explain why they should continue getting their present tax concessions.
Two hundred audits may not seem a lot in a sector covering some 700,000 organisations, but in Tax Office terms it’s quite significant. In 2006, for instance, they only did 1000 audits for the whole Small and Medium Business sector (covering organisations with turnover under S100 million).
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Tax
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Sunday, 23 August 2009 10:33 |
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The Australian government has proposed to amend the ‘in Australia’ requirements for charities to ensure it can continue to fully scrutinise organisations passing money to overseas charities and other entities.
In 2009-10, there will also be triennial reviews of guidelines for:
- organisations on the four deductible-gift-recipient registers
- a limiting of the exemption for foreign-employment income to income earned as an aid or charitable worker in some types of government employment or projects in the national interest.
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