The Australian Charities and Not-for-profits Commission (ACNC) on Thur 11.12.2014, released a template constitution to assist small charitable companies limited by guarantee. The new template constitution is designed to help small organisations with simple membership that are: a not-for-profit organisation that wants to incorporate as a company limited by guarantee and register as a charity…
The Australian Charities and Not-for-profits Commission (ACNC) has extended the 2014 Annual Information Statement deadline for charities that use a standard reporting period of 1 July – 30 June. These charities now have until 31 January 2015 to submit their 2014 Annual Information Statement. ACNC Commissioner, Susan Pascoe AM, said the extension was to take account of the ACNC office…
According to statistics released by the ATO on Wed 17.12.2014, the number of self-managed super funds (SMSFs) has increased by 29% to 534,000 in 5 years and with total assets growing to $557bn. The statistics are featured in the ATO’s report entitled, Self-Managed Superannuation Funds: A Statistical Overview 2012-13. It showed that over 5 years to…
The ATO said it continues to receive private binding ruling requests about whether related party limited recourse borrowing arrangements (LRBAs) give rise to non-arm’s length income (NALI). Following industry consultation, on 12 December 2014, the ATO issued ATO ID 2014/39 and ATO ID 2014/40. The IDs set out the ATO’s view that the NALI provisions apply to…
The Federal Court has ordered that a trustee of a self-managed super fund (SMSF) pay a monetary penalty of $32,500 for contraventions of the SIS Act relating to the making of 6 loans to a relative of a member of the fund. The Court noted the parties jointly submitted that the trustee pay a monetary…
The Tax and Superannuation Laws Amendment (2014 Measures No 4) Regulation 2014 was registered on Tue 16.12.2014. It amends the Superannuation Industry (Supervision) Regulations 1994 and Income Tax Regulations 1936 to: (i) allow employers to deliver all of their superannuation contributions data to a single location, and (ii) to provide tax exemption for…
This GST Ruling GSTR 2014/2 was issued on Wed 17.12.2014 and outlines the GST treatment of: fees payable for ATM services; surcharges imposed on credit card transactions; and surcharges imposed on debit card transactions. It was previously issued as Draft GSTR 2014/D2 and contains changes. DATE OF EFFECT: Applies both before and after its date…
The Goods and Services Tax: Classes of Recipient Created Tax Invoice Amendment Determination (No 1) 2014 was registered on 9 December 2014. It amends the Goods and Services Tax: Classes of Recipient Created Tax Invoice Determination (No 1) 2012 to take into account the closure of General Practice Education and Training Limited (GPET) on 31 December 2014 and its…
The ATO has advised that it will acquire details of entities from State and Territory motor vehicle registries for the 2013-14, 2014-15 and 2015-16 financial years. The program will obtain data from the registries for each of the financial years where motor vehicles were sold/transferred or newly registered and the transfer and/or market value is…
The Tax Office has advised that the General Interest Charge (GIC) and Shortfall Interest Charge (SIC) rates for the 3rd quarter of the 2014-15 financial year (ie 1 January 2015 to 31 March 2015) are as follows: GIC annual rate is 9.75% [‘base rate’ of 2.75% + 7%]; GIC daily compounding rate is 0.02671233%; SIC annual rate is 5.75%…