Monthly Archives: August 2018

ACNC Legislation Review Report released

In June this year, the Panel charged with reviewing the ACNC Act presented its report to the Government.  After much anticipation, this report has now been tabled in Parliament.  It makes thirty recommendations, including the following: Basing financial reporting thresholds … Continue reading

Posted in Accounting Information | Leave a comment

ATO to target Air BNB and similar online rentals

The Australian Taxation Office (ATO) has recently signaled that it is going to conduct a data-matching program to identify taxpayers receiving income from short term rentals. Information from online platform sharing sites for around 190,000 Australians will be examined to … Continue reading

Posted in Income Tax | Leave a comment

New Standards released for Charities operating overseas

When the ACNC was introduced, the legislation provided for the introduction of External Conduct Standards applicable to charities with overseas interests. Now, nearly six years on, Treasury has released the detail on these standards. The standards are intended to provide … Continue reading

Posted in Accounting Information | Leave a comment

Fringe benefits provided to religious practitioners

The ATO has issued a draft tax ruling TR 2018/D2 expressing the Commissioner’s preliminary view of exempt fringe benefits provided to religious practitioners.  It replaces TR 92/17 immediately, but may be revised when the ruling is finalised. The law it … Continue reading

Posted in Accounting Information, Draft Legislation, Income Tax, Not for Profit | Leave a comment