On 21 November 2011, the Government released an initial consultation paper which outlined 3 possible models for taxing trust income. Treasury noted that the consultation on that paper highlighted a desire for more information about 2 of the proposed models – that is, the “trustee assessment and deduction” model, and the “proportionate within class” model.…
The Government has announced that discussions with relevant stakeholders in the not-for-profit (NFP) sector have commenced for the development of a Consultation Code. The Code will be a practical guide to ongoing consultation between the Government and the NFP sector. The Assistant Treasurer also announced the Government would use the consultations to start a discussion…
Speaking at the Thomson Reuters Not-for-profit Law & Regulation Conference in Sydney on Wed 17.10.2012, the Assistant Treasurer announced that the implementation of a “report-once, use-often reporting framework” for the not-for-profit (NFP) sector would be supported by amendments to Commonwealth Grant Guidelines. The Guidelines establish the grants policy and reporting framework for all Commonwealth departments…
The Assistant Treasurer on Thur 11.10.2012, announced that South Australia will make amendments to its incorporated associations and charitable collections legislation to harmonise reporting requirements, and authorise charities to collect charitable donations in South Australia, once they have formally registered with the new national regulator, the Australian Charities and Not for profits Commission (ACNC). Deputy…
In a recent speech in Sydney, the Assistant Treasurer spoke on a range of tax matters. Points of note made by Mr Bradbury included: The Government considers that amendments are necessary to ensure that Pt IVA “operates as it was always intended to operate” ie “to counter arrangements carried out in an artificial or contrived…
Treasury recently updated the Government’s Forward Work Program – Consultation on Tax (including Superannuation) Measures to be current as at September 2012. The Program sets out the timetable for current and proposed consultation on tax and superannuation measures, including trust reform, NFP reforms, GST issues, CGT issues, SMSFs and super generally, etc. [LTN 195, 9/10]
The Tax Laws Amendment (2012 Measures No 5) Bill 2012 has passed the House of Reps with 3 Government amendments and now moves to the Senate. The 3 Government amendments omitted Schedules 3 and 4 of the Bill which concerned a compliance regime for gaseous fuels and specific fuel blending excise exemptions. Otherwise, the Bill…
The Australian Charities and Not-for-profits Commission Bill 2012 and Australian Charities and Not-for-profits Commission (Consequential and Transitional) Bill 2012 have passed the Senate with 34 Government amendments. The Bills now return to the House of Reps for concurrence. The Bills establish a new regulatory system for not-for-profit (NFP) sector, including the new Australian Charities and…
The US Internal Revenue Service (IRS) has postponed the implementation of new rules – in the Foreign Account Tax Compliance Act (FATCA) – requiring participating foreign financial institutions (FFIs) to complete certain FATCA withholding and reporting obligations in respect of their account holders. The new start dates are set out in IRS Announcement 2012-42. [LTN…
ASFA has called on the Government to quickly conclude an intergovernmental agreement (IGA) between Australia and the US (based on the published US Model IGA) for the purposes of the proposed US Foreign Account Tax Compliance Act (FATCA). In a submission to Treasury, ASFA also called on the Government to ensure that the IGA includes…