Proposal to regulation financial planners under the Tax Agents’ Services Act – transcript of Committee’s hearings [90]

The transcript has been released of the 12 June 2013 hearing of the inquiry by the Parliamentary Joint Committee On Corporations and Financial Services into the now removed Schedules 3 and 4 of the Tax Laws Amendment (2013 Measures No 2) Bill 2013, which proposed a regulatory framework to make financial planners who give tax advice subject to…

*Minimum Governance Standards for Charities – Senate agrees to previously registered regulation [86]

The Australian Charities and Not-for-profits Commission Amendment Regulation 2013 (No 1) was agreed to by the Senate on Tue 25.6.2013. It was registered on 5 March 2013 and amends the Australian Charities and Not-for-profits Commission Regulation 2013 to specify minimum governance standards which registered entities must comply with in order to become registered under the ACNC Act…

Super contributions tax for incomes above $300,000: ASFA raises concerns with draft regulations [79]

ASFA has released its submission on the Exposure Draft – Income Tax Assessment and Other Legislation (Sustaining the Superannuation Contribution Concession) Amendment Regulation 2013 released on 31 May 2013. The draft regulations will complement the proposed measures in the Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Bill 2013 that will impose an…

*Charities Bill 2013 and Charities (Consequential Amendments and Transitional Provisions) Bill 2013 – passes House of Representatives [85]

The Charities Bill 2013 and the Charities (Consequential Amendments and Transitional Provisions) Bill 2013 were both passed by the House of Reps on Tue 18.6.2013, without amendment and now move to the Senate. The Bills propose to introduce a statutory definition of “charity” and “charitable purpose” that would apply to all Commonwealth legislation from 1 January 2014.…

*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…