*Requirements for those reviewing charities’ reports – Regulations registered [82]

The Corporations Legislation Amendment (Membership Designations and Other Measures) Regulation 2013 was registered on 14 June 2013. It amends the Corporations Regulations 2001 to specify the membership designations that individuals reviewing the financial reports of certain entities registered with the Australian Charities and Not-for-profits Commission (ACNC) must hold and also amends the Corporations (Review Fees) Regulations 2003…

ANAO report on ATO management and reporting of GST and FBT info – systems and information appear reliable [88]

Auditor-General Audit Report No 44 2012-13, Performance Audit on “Management and Reporting of Goods and Services Tax and Fringe Benefits Tax Information“, was released on Thur 13.6.2013. The audit examined, for key ATO reported data, whether: (i) management arrangements (including quality assurance) were appropriate and effective; (ii) IT controls were appropriate and effective; and (iii)…

*ASIC and the ACNC sign an MOU [84]

ASIC announced on Tue 18.6.2013, and it and the Australian Charities and Not-for-profits Commission (ACNC) have formally agreed to collaborate and assist each other to achieve their objectives and to deliver streamlined regulation for registered charities that are also registered with ASIC as companies. ASIC Chairman Greg Medcraft and ACNC Commissioner Susan Pascoe AM have…

*‘Anti-gag’ Bill receives Royal Assent – Commonwealth Agencies can’t prohibit lobbying [81]

The Not-for-profit Sector Freedom to Advocate Bill 2013 received Royal Assent on 13 June 2013 as Act No 56 of 2013. It had passed all stages without amendment and contains provisions that will prohibit and invalidate clauses in Commonwealth agreements with the not-for-profit (NFP) sector that restrict or prevent NFP entities from advocating on Commonwealth law, policy…

Lost and unclaimed superannuation money: discussion paper released – homeless money reducing but still $16.8bn [77]

The Government on Fri 7.6.2013, released a discussion paper on lost and unclaimed superannuation money setting out additional initiatives that could facilitate the process of reuniting members with their lost super accounts. The discussion paper is seeking views on further opportunities to enhance the existing suite of strategies (and new strategies) to reduce the number…

*Board of Tax review of ‘thin cap – arm’s length test’ and post implementation review of ‘debt/equity’ rules for intent and arbitrage – terms of reference [87]

The Assistant Treasurer Tue 4.6.2013, announced the terms of reference for 2 Board of Taxation reviews into the thin cap rules and the debt/equity tax rules. In the 2013-14 Budget, the Government announced a package of measures aimed at protecting the integrity of the corporate tax system. As part of this package, the Government identified…

*Charities and annual reports: Regulations made about contents and transition [83]

The Australian Charities and Not-for-profits Commission Amendment Regulation 2013 (No 3) was registered on Mon 17.6.2013. It amends the Australian Charities and Not-for-profits Commission Regulation 2013 to specify the requirements for annual financial reports for the 2013-14 financial year and later years. The amending regulation commences Tue 18.6.2013. Section 60-10 of the Australian Charities and…

TD 2013/10-13 & SMSFD 2013/1 – Beneficiaries of deceased super members – various determinations [80]

The ATO on Wed 26.6.2013, released the following Taxation Determinations: TD 2013/10: Is the application of a deceased member’s benefits in a regulated super fund to commence a super income stream from that fund for each of one or more dependant beneficiaries of the deceased member (in accordance with regulation 6.21 of the Superannuation Industry…

APRA final reporting standards for superannuation released (for APRA regulated funds) – MySuper and SuperStream reforms [76]

APRA has released a letter to industry and final versions of 32 reporting standards, reporting forms and instructions for APRA-regulated superannuation funds. APRA’s reporting requirements implement the transparency and accountability recommendations from the Government’s Stronger Super reforms, and the superannuation reporting proposals on which APRA had previously consulted in 2009. The new requirements also support…