*Commencement of the Charities Act to be delayed from 1 Jan to 1 Sept 2014 – and with it the abolition of the ACNC [1]

The Charities Act 2013 defines “charity” and “charitable purpose” for the purposes of all Commonwealth legislation, including taxation legislation. The Government amendments made by the House of Reps on Wed 4.12.2013 to the Social Services and Other Legislation Amendment Bill 2013 introduced new provisions to the Bill that would delay the commencement of the Charities…

David Murray to head Financial System inquiry; draft terms of reference released [99]

The Government has appointed former Commonwealth Bank and Future Fund chief: Mr David Murray AO, to head an inquiry into Australia’s financial system. The PM said the inquiry will make recommendations to foster an efficient, competitive and flexible financial system, consistent with financial stability, prudence, integrity and fairness. He said that, as part of the…

*Australian Electoral Commission has now petitioned the High Court for orders that the election of the 6 WA senators is ‘absolutely void’ – new election likely [97]

The Australian Electoral Commission has lodged a petition with the High Court seeking that the Court make orders declaring that, pursuant to para 360(1)(vii) of the Commonwealth Electoral Act 1918, “the election of 6 Senators for the State of Western Australia (Western Australia) to serve in the Senate of the Parliament of the Commonwealth (Parliament)…

Productivity Commission inquiry into Child Care to examine everything, including possibly tax breaks as form of support [96]

The Government on Sun 17.11.2013, announced the establishment of a Productivity Commission Inquiry into Child Care and Early Childhood Learning. The Prime Minister said the Inquiry will identify how the current system can be improved to make it more responsive to the needs of parents. The scope of the inquiry says the Productivity Commission should…

Australian Code of Ethics for Accountants: APES 110 amended to align it with the international code [95]

The Accounting Professional and Ethical Standards Board (APESB) on Thur 14.11.2013, released amendments to the Australian Code APES 110 Code of Ethics for Professional Accountants (APES 110) to align it with the recent amendments to the international Code issued by the International Ethics Standards Board for Accountants (IESBA). The Board said the revisions to the…

*Chartered accountants vote in favour of trans-Tasman Institute [92]

Members of the Institute of Chartered Accountants Australia (ICAA) and the New Zealand Institute of Chartered Accountants (NZICA) have overwhelmingly voted in favour of the proposal to amalgamate and create One New Institute. Members of both Institutes voted throughout October 2013 on the proposal to create a single trans-Tasman Chartered Accountants Institute. The following results have been…