The Australian National Audit Office (ANAO) on Tue 25.6.2013, issued Performance Audit Report No 52 of 2012-13 concerning the ATO’s administration of “debt relief” arrangements. Debt relief options available to the Tax Office can include reducing or cancelling a tax debt, or deciding not to pursue the liability. The ANAO noted that in 2011-12, the…
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.…
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…
According to the 2013 Westpac Lost Super Report released on Thur 13.6.2013, there is id=”mce_marker”8.1bn in lost superannuation with the average balance of a lost super accounting being $2,592. The report found that almost 2 in 5 Australians remain unaware whether they have any lost super and that almost 1 in 2 Australians are likely…
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 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…
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…
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…
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…
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…