Daily Archives: January 23, 2018

ACNC recommends changes to its governing legislation, including: register to show reasons for revocation; minimum of 3 responsible persons; post registration protection for charities assets

The Australian Charities and Not-for-profits Commission (ACNC) has released its submission to the government review of the ACNC legislation. The Commission made a number of recommendations to be considered by the review panel, including: Whether measures could be introduced at the Commonwealth level to protect a charity’s accumulated charitable income and assets after its ACNC…

ATO extends due date for 2016–17 SMSF returns to 30 June 2018 to cater for all the changes resulting from the $1.6m ‘transfer balance cap’ measures

On 19 January 2018, the ATO announced that it will extend the due date for lodgment of self-managed superannuation fund (SMSF) annual returns for 2016–17 to 30 June 2018. This is the first financial year that the $1.6m ‘transfer balance cap’ (and related) measures came into operation – that is, from 1 July 2017. SMSF’s in particular, have important…

GST withholding by purchasers on the sale of ‘new residential premises’ – deferral in start date beyond 1 July 2018 required given delay in introducing (much less passing) the draft bill

The Government is proposing to introduce a system under which purchasers of ‘new residential property’ will have to withhold 1/11th of the purchase price and remit it to the Commissioner on account of the Vendor, who retains the liability to pay the tax. The proposed start date is for supplies on or after 1 July…