Tag Archives: not for profits

Talking Tax – Issue 145

Time limits for claiming input tax or fuel tax credit: open for consultation

In brief

The ATO’s new Draft Miscellaneous Taxation Ruling MT 2018/D1 (Draft Ruling) outlines the Commissioner of Taxation’s (Commissioner) view on time limits applying to the entitlement to claim an input tax or fuel tax credit. The Draft Ruling is open for consultation until 25 January 2019.

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Governing charities and not for profits could get harder: Treasury releases consultation on not-for-profit governance arrangements

On 8 December 2011, the Treasury released a consultation paper on current governance arrangements for the not for profit (NFP) sector. The Government is consulting on what the core organisational governance principles applying to a registered NFP should be. The consultation will form an important component of the Australian Charities and Not-for-profits Commission (ACNC) legislation commencing 1 July 2012.  Charities and NFPs should consider their governance arrangements in the context of the five governance principles identified in the consultation paper and take the opportunity to make a submission to Treasury.  read more…

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Social Finance in Australia: Finding funding for the not-for-profit sector

On 25 November 2011, the Senate Economics References Committee released its report (Report) on its recent inquiry into the mechanisms and options for the development of financial products and services for not-for-profit organisations.  The issues considered in the report have the potential to trigger alternative financing arrangements for charities and not-for-profit organisations and create a framework for social investment through mechanisms such as social impact bonds. read more

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Defining Charity: The changes just keep coming – Treasury consultation released

In the continuing barrage of information relating to the reforms to the not-for-profit sector, on 28 October 2011 the Commonwealth Treasury released its consultation paper on a definition of charity to apply for all Commonwealth laws with effect from 1 July 2013. Although Treasury has indicated that existing charities will not need to reapply to the new Australian Charities and Not-for-profits Commission for registration, it has indicated that registration will be reviewed by the ACNC over time. read more

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Update on the Australian Charities and Not-For-Profits Commission

On 24 October 2011, the Australian Charities and Not-for-Profits Commission (ACNC) Implementation Taskforce launched a new website including updates on the reform process.  In the May 2011 announcements for the 2011-12 Federal Budget, it was announced that the ACNC would be established to operate from 1 July 2012.  A newsletter was also recently released by Treasury (click here to view) showing a timeline of the reforms announced. read more

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ATO releases new tax ruling for charities

On 12 October 2011, the ATO released a new tax ruling TR 2011/4 setting out its views on the meaning of ‘charitable’ in the context of determining whether the purpose of an organisation is charitable, including the features distinguishing a charitable institution and a charitable fund, and the circumstances in which an institution or fund will be considered charitable.
This is important to existing charities as it brings alignment between the tax ruling and current operations. read more…

 

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New York State Initiates Efforts to Regulate Executive Compensation by Not-for-Profits

New York State Governor Andrew Cuomo has formed the Task Force on Not-for-Profit Entities (the “Task Force”) to investigate executive compensation by not-for-profit organizations that receive state funding.[1] Governor Cuomo announced the Task Force on August 3, 2011, and it quickly took its first action on August 25, 2011, by sending a letter requesting extensive compensation information from many organizations that receive state funds.

This Client Alert describes (i) the Task Force’s mandate, (ii) the compensation information requested in the Task Force’s letter, (iii) several key points to note about the information requested in the letter, and (iv) certain additional insights.

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Not for Profits Update – Gadens Lawyers

Charities and missions pursuing objectives overseas: at risk of losing your tax exemptions?

By Jon Cheung and Kimberley Vancuylenberg of Gadens Lawyers, Sydney

The Government has released draft legislation that will change the requirements for international charities and not-for profits to qualify for income tax exemptions in Australia. The changes refer to the special conditions found in Division 50 of the Income Tax Assessment Act 1997 that require charities and not for profits to operate principally in Australia.  read more

 

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Not For Profits Update

ATO reconsiders tax exemptions for charities and not-for-profits: draft amendment to taxation ruling 2005/22 and a new version of the GiftPack is released

By Jon Cheung and Kimberley Vancuylenberg of Gadens Lawyers, Sydney

The ATO recently released a draft amendment to its public ruling 2005/22 which considers when companies will be income tax exempt under Division 50 of the Income Tax Assessment Act 1997. read more

 

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not for profits update

Charity redefined: Broader scope for charities?

By Jon Cheung of Gadens Lawyers, Sydney

On 11 May 2011, the ATO issued draft Ruling TR 2011/D2 (Draft Ruling) and a Decision Impact Statement (Decision Impact Statement) setting out their views in relation to the Aid/Watch(1) case (see our case update here).  The Decision Impact Statement and Draft Ruling have a significant impact on future or proposed activities and on some organisations not previously considered ‘charitable’. read more…

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