IGT releases 2 follow-up reports [63]

The Inspector-General of Taxation on Fri 14.11.2014, released 2 reports: Follow-Up Review into Delayed or Changed ATO Views on Significant Issues (“U-turns” review); and Follow-Up Review into the ATO’s Implementation of Agreed Recommendations in 5 Reports Released Between August 2009 and November 2010. Regarding the Follow-Up Review on ATO “U-turns”, the Inspector-General found that the ATO has fully implemented…

*Health promotion charity: ACNC seeks comments on ACNC Commissioner’s Interpretation [61]

The Australian Charities and Not-for-profits Commission (ACNC) has released for comment an exposure draft on the Commissioner’s Interpretation Statement: Health Promotion Charities. Commissioner’s Interpretation Statements provide guidance to ACNC staff, charities and the public on how the ACNC understands the law that applies to charities. The Statements are binding on ACNC staff. The proposed Statement…

*Charity financial info to be made publicly available (in the one place and free of charge: ACNC [59]

Financial information from Australia’s registered charities will be made publicly available free of charge by the Australian Charities and Not-for-profits Commission (ACNC). As part of the 2014 Annual Information Statement, all charities except for Basic Religious Charities and those registered with the Office of the Registrar of Indigenous Corporations (ORIC) are required to provide financial…

*Small business super clearing house expansion; choice of fund changes: Government announcement [58]

The Small Business Minister on Wed 26.11.2014, announced that from 1 July 2015, access to the Small Business Superannuation Clearing House (SBSCH) will be extended to all businesses with an annual turnover below the $2m small business entity turnover threshold. Mr Billson said the proposal will “provide approximately 27,500 additional small businesses with a cost free solution…

*Releasing excess concessional contributions from super – operation and ATO timing [55]

From 1 July 2013, any excess concessional superannuation contributions are automatically included in an individual’s assessable income and taxed at their marginal tax rate (plus an interest charge). Individuals can elect to release up to 85% of their excess concessional contributions from their superannuation fund to the Tax Office as a “credit” to cover the additional personal…