*Basel III and Tier 2 capital instruments not to become ‘debt interests’ under Australian tax law on Australia adopting Basel III capital reforms – draft regulations released (25)

As part of the 2012-13 Budget, the Government announced it will ensure that Australia’s implementation of the Basel III capital reforms does not preclude certain Tier 2 regulatory capital instruments from being classified as a debt interest for the purposes of the income tax law. The Government on Wed 31.10.2012, released for comment exposure draft…

*Australian Charities will no longer be charged an annual fee as they move from ASIC to ACNC (24)

Following the establishment of the Australian Charities and Not-for-profits Commission (ACNC), the Assistant Treasurer has announced that annual review fees currently charged by ASIC will be removed for Australian charities. From 1 July 2013, registered charities will no longer have to pay annual fee (ranging from $43 to $1,086) as oversight for the not-for-profit sector…

*Taxation of trust income – Treasury issues a further paper to better articulate two of the policy options (22)

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.…

‘Not-for-profit’ sector Consultation Code to create governance standards (21)

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…

*Assistant Treasurer speaks about the Australian Charities and Not-for-profit Commission – ‘report once and use often’ framework (20)

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…

SA to reduce red tape for their Not for Profits and harmonise reporting (19)

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…