In a recent address, Federal Court Judge The Hon Justice Logan RFD, commented on the anti-avoidance provisions of Pt IVA. He noted it has been suggested that, in light of cases such as RCI Pty Ltd v FCT [2011] FCAFC 104 and FCT v Futuris Corporation Ltd [2012] FCAFC 32, Pt IVA was in need…
The Government on Wed 19.9.2012, announced that it would introduce legislation to ban gag clauses in Commonwealth contracts with the Not-For-Profit sector. The Assistant Treasurer said the legislation would build on the Government’s reforms to the NFP sector, including the new charities commission, by ensuring gag clauses are not used in any Commonwealth funding agreements.…
The Senate Community Affairs Legislation Committee tabled its report on Wed 12.9.2012, in the Senate on the Australian Charities and Not-for-profits Commission Bill 2012, Australian Charities and Not-for-profits Commission (Consequential and Transitional) Bill 2012 and the Tax Laws Amendment (Special Conditions for Not-for-profit Concessions) Bill 2012. The Committee noted that the Government had adopted the…
The Senate Community Affairs Legislation Committee is currently conducting an inquiry into the Australian Charities and Not-for-profits Commission Bill 2012, Australian Charities and Not-for-profits Commission (Consequential and Transitional) Bill 2012 and the Tax Laws Amendment (Special Conditions for Not-for-profit Concessions) Bill 2012. The Committee has now released the transcript of its public hearing held on…
On Mon 10.9.2012, in the House of Reps, the report was tabled of the Parliamentary Joint Committee on Corporations and Financial Services inquiry into the Australian Charities and Not-for-profits Commission Bill 2012, Australian Charities and Not-for-profits Commission (Consequential and Transitional) Bill 2012 and the Tax Laws Amendment (Special Conditions for Not-for-profit Concessions) Bill 2012. The…
The following Bills received Royal Assent on 22 September 2012: Legislative Instruments Amendment (Sunsetting Measures) Bill 2012 – Act No 135 of 2012. Statute Law Revision Bill 2012 – Act No 136 of 2012. [LTN 188, 27/9]
The Federal Circuit Court of Australia Legislation Amendment Bill 2012 was introduced in the House of Reps, on Thur 20.9.2012. It amends the Federal Magistrates Act 1999 and other legislation to rename the Federal Magistrates Court as the Federal Circuit Court of Australia, and to change the title of Chief Federal Magistrate to Chief Judge…
The Australian Charities and Not-for-profits Commission Bill 2012 and the Australian Charities and Not-for-profits Commission (Consequential and Transitional) Bill 2012 were passed the House of Reps on Tue 18.9.2012, with 15 Government amendments and now move to the Senate. The Bills seek to establish a new regulatory system for the not-for-profit (NFP) sector, including the…
The Tax Laws Amendment (Investment Manager Regime) Bill 2012 received Royal Assent on Thur 13.9.2012, as Act No 126 of 2012. The Bill had passed all stages without amendment and contains the first 2 elements of the Government’s Investment Manager Regime – the FIN 48 measures or “Element 1” of the IMR and the “conduit…
The Personal Liability for Corporate Fault Reform Bill 2012 was introduced in the House of Reps on Wed 19.9.2012. It implements the Council of Australian Governments’ (COAG) Directors’ Liability reform, which aims to harmonise the imposition of personal criminal liability for corporate fault across Australian jurisdictions. The amendments proposed to be made by this Bill…