Tax Practitioners Board reminds Registered Tax and BAS agents to advise it of their PI insurance details and keep them up-to-date [59]

The Tax Practitioners Board (TPB) has reminded newly registered tax and BAS agents that they must advise the Board of how they meet the Board’s PI insurance requirements within 14 days of receiving notification of their registration. The Board’s view of PI insurance requirements are set out in explanatory paper TPB(EP) 03/2010. The Board also…

*Government (still) looking for an alternative to the ACNC [57]

Minister for Social Services Kevin Andrews has reiterated the Government’s intention to abolish the Australian Charities and Not-for-profit Commission (ACNC). Speaking at an Australian Institute of Company Directors NFP Lunch, he said the Government considers the ACNC “imposes an unnecessary and ponderous compliance burden on the sector”. The Minister said the Government was looking to…

*ACNC releases Interpretation Statement on Indigenous charities [56]

The Australian Charities and Not-for-profits Commission (ACNC) on Fri 24.1.2014, released a Commissioner’s Interpretation Statement on Indigenous charities. The ACNC’s legal team has also prepared a paper, which explains the background and reasoning behind the statement. The purpose of the Interpretation Statement is to provide guidance to ACNC staff on the how charity law applies…

*Charity registration application form updated as Charities Act takes effect [55]

The Australian Charities and Not-for-profits Commission (ACNC) has updated the online application form for registering as a charity to reflect new legislation. Parliament passed the new Charities Act in June 2013 and it came into effect on 1 January 2014. It sets out the meaning of “charity” for all Commonwealth purposes and gives it a statutory definition ie one…

*Instrument registered prescribing which ‘State and Territory entities’ are ‘government entities’ and thus excluded from definition of “charity” in the Act [54]

The Charities (Definition of Government Entity) Instrument 2013 was registered on 20 December 2013. It prescribes types of government entities established under a law by a State or Territory which, by virtue of its status as a government entity, will be excluded from the definition of “charity” for the purposes of all Commonwealth laws.  The Charities Act…

Superannuation non-statutory reform or consultation bodies to be disbanded: Assistant Treasurer [52]

The Assistant Treasurer on Fri 31.1.2014, announced that he was streamlining the consultation arrangements for superannuation as part of the Government’s efficiency reforms. This includes the cessation of 3 non-statutory bodies that Senator Sinodinos said were no longer required: the SuperStream Advisory Council, Superannuation Advisory Committee and the Superannuation Roundtable. With reforms to the superannuation…

*SMSF trustees will be required to receive electronic payments by 1 July 2014 (per SuperStream) – ATO to publish a list of service providers in readiness [50]

The ATO has advised that in early 2014 it will publish a list of messaging service providers for the SMSF segment. From 1 July 2014, SMSF trustees must be able to receive electronic messages and payments associated with employer contributions in a format that complies with super data and payment standards. The ATO noted that messaging service…