The Australian Charities and Not-for-profits Commission Amendment Regulation 2013 (No 1) was agreed to by the Senate on Tue 25.6.2013. It was registered on 5 March 2013 and amends the Australian Charities and Not-for-profits Commission Regulation 2013 to specify minimum governance standards which registered entities must comply with in order to become registered under the ACNC Act…
ASFA has released its submission on the Exposure Draft – Income Tax Assessment and Other Legislation (Sustaining the Superannuation Contribution Concession) Amendment Regulation 2013 released on 31 May 2013. The draft regulations will complement the proposed measures in the Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Bill 2013 that will impose an…
The Australian National Audit Office (ANAO) on Tue 25.6.2013, issued Performance Audit Report No 52 of 2012-13 concerning the ATO’s administration of “debt relief” arrangements. Debt relief options available to the Tax Office can include reducing or cancelling a tax debt, or deciding not to pursue the liability. The ANAO noted that in 2011-12, the…
The Charities Bill 2013 and the Charities (Consequential Amendments and Transitional Provisions) Bill 2013 were both passed by the House of Reps on Tue 18.6.2013, without amendment and now move to the Senate. The Bills propose to introduce a statutory definition of “charity” and “charitable purpose” that would apply to all Commonwealth legislation from 1 January 2014.…
The Corporations Legislation Amendment (Membership Designations and Other Measures) Regulation 2013 was registered on 14 June 2013. It amends the Corporations Regulations 2001 to specify the membership designations that individuals reviewing the financial reports of certain entities registered with the Australian Charities and Not-for-profits Commission (ACNC) must hold and also amends the Corporations (Review Fees) Regulations 2003…
According to the 2013 Westpac Lost Super Report released on Thur 13.6.2013, there is id=”mce_marker”8.1bn in lost superannuation with the average balance of a lost super accounting being $2,592. The report found that almost 2 in 5 Australians remain unaware whether they have any lost super and that almost 1 in 2 Australians are likely…
Auditor-General Audit Report No 44 2012-13, Performance Audit on “Management and Reporting of Goods and Services Tax and Fringe Benefits Tax Information“, was released on Thur 13.6.2013. The audit examined, for key ATO reported data, whether: (i) management arrangements (including quality assurance) were appropriate and effective; (ii) IT controls were appropriate and effective; and (iii)…
ASIC announced on Tue 18.6.2013, and it and the Australian Charities and Not-for-profits Commission (ACNC) have formally agreed to collaborate and assist each other to achieve their objectives and to deliver streamlined regulation for registered charities that are also registered with ASIC as companies. ASIC Chairman Greg Medcraft and ACNC Commissioner Susan Pascoe AM have…
The Not-for-profit Sector Freedom to Advocate Bill 2013 received Royal Assent on 13 June 2013 as Act No 56 of 2013. It had passed all stages without amendment and contains provisions that will prohibit and invalidate clauses in Commonwealth agreements with the not-for-profit (NFP) sector that restrict or prevent NFP entities from advocating on Commonwealth law, policy…
The Government on Fri 7.6.2013, released a discussion paper on lost and unclaimed superannuation money setting out additional initiatives that could facilitate the process of reuniting members with their lost super accounts. The discussion paper is seeking views on further opportunities to enhance the existing suite of strategies (and new strategies) to reduce the number…