NFP/Charities: draft governance standards and financial reporting framework for Australian Charities and Not-for-Profits & Govt consultation [14]

The Government on Mon 17.12.2012, released for public consultation a paper on draft governance standards for charities registered with the Australian Charities and Not-for-profits Commission (ACNC) and draft regulations on the new ACNC financial reporting framework. The Assistant Treasurer said the draft governance standards are intended to reflect a minimum set of basic governance outcomes…

Official launch of the ACNC [13]

The Assistant Treasurer on Mon 10.12.2012, officially launched the Australian Charities and Not-for-profits Commission (ACNC). The ACNC will be responsible for registering and regulating charities, while also working with the sector to provide information and assistance. At the Commonwealth level, the ACNC will administer a Charity Passport underpinned by a “report-once, use-often reporting framework”. Mr…

New Australian Charities and Not-for-Profit (ACNP) Commissioner appointed [12]

The Assistant Treasurer, on Fri 7.12.2012, announced that Ms Susan Pascoe AM has been confirmed as the new Commissioner of the Australian Charities and Not-for-profits Commission (ACNC). Since July 2011, Ms Pascoe has been the Head of the ACNC Implementation Taskforce. “Ms Pascoe has held a number of statutory appointments, board memberships and senior management positions in…

Anti-dumping system to be reformed [11]

The Government on Wed 4.12.2012, announced that it would reform Australia’s anti-dumping system. Dumping is a trade practice where imported goods are sold in Australia at prices below their normal value. The key reforms announced would: establish a new Anti-Dumping Commission to investigate complaints; boost funding to Customs by $24.4m over 4 years so it…

Departing Australian Superannuation Payments exempted from the Anti-Money Laundering and Counter Terrorism Funding Laws [10]

The Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2012 (No 5) was registered on the Federal Register of Legislative Instruments Thur 20.12.2012. It amends the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No 1) to amend Chapters 11 and 41 of the AML/CTF Rules. Chapter 11 of the AML/CTF Rules sets out the…

Corporations Legislation Amendment (Remuneration and Other Measures) Bill 2012 – includes new test for payment of dividends – draft legislation released [9]

The Government has released for consultation draft legislation, which contains the next tranche of reforms to improve disclosure of executive remuneration. Importantly, the draft legislation also seeks to clarify the operation of the dividends test under the Corporations Act. In particular, the Government has sought to address stakeholder concerns by incorporating a solvency-based dividends test.…

Film tax offsets: definition of “documentary” – draft legn released [8]

Treasury Fri 14.12.2012, released for comment draft legislation proposing to insert a definition of “documentary” into the tax law for the purposes of the film tax offsets, and mainly the Producer Offset. The changes will define the term “documentary”, in accordance with the Australian Communications and Media Authority guidelines, as a creative treatment of actuality…

Tax Bill No. 5; Clean Building Tax Laws; NZ Super Transfer; and Personal Liability for Corporate Default Bills receive Royal Assent [5]

The following Bills received Royal Assent on 10 December 2012: Tax Laws Amendment (2012 Measures No 5) Bill 2012 – as Act No 184 of 2012. The Bill passed all stages with 3 Government amendments. The Bill contains a range of miscellaneous amendments including phasing-out of the mature age worker tax offset; changing eligibility requirements to the…