Category Archives: Not for Profit

Proposed changes to Public Fund Bank Accounts

In December 2017 the Federal government announced that it would be seeking to remove the requirement for certain Deductible Recipient Funds to operate a separate fund bank accounts, managed by a majority of people deemed to be more responsible. There … Continue reading

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ACNC Review well underway

The ACNC celebrated its fifth birthday in December 2017.  As provided for in the original legislation, the Government is now conducting a review, the terms of reference indicating that it should: Examine the extent to which the objects of the … Continue reading

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ACNC gets tough on defaulting charities

The ACNC has recently announced that it will move to deregister almost 90 charities for failing to submit their Annual Information Statements for two years (“double defaulters”).  As a result, these charities will lose their Commonwealth tax concessions.   The … Continue reading

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Survey provides a snapshot of Not-for-profits

The Institute of Community Directors recently released its findings from a survey of 845 Not-forprofit organisations. The survey was designed to obtain insights into financial management within the sector including funding, banking, risk management and governance. The findings highlighted the … Continue reading

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ACNC extends transitional reporting

When the ACNC was introduced, transitional arrangements were put in place to allow the ACNC to accept reports prepared for the state regulators for two years. This allowed charities that were also preparing financial accounts for Consumer Affairs, for instance, to lodge … Continue reading

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ACNC here to stay

A little more certainty has been provided to the charities today with the announcement that the Government will retain the Australian Charities and Not-for-profit Commission (ACNC).   A recently released report commissioned by the ACNC indicates that cutting unnecessary or inefficient regulation could save … Continue reading

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Survey provides a snapshot of Not-For-Profits

The Institute of Community Directors recently released its findings from a survey of 845 not-for-profit organisations. The survey was designed to obtain insights into financial management within the sector including funding, banking, risk management and governance. The full report is … Continue reading

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Who is looking at your charity information?

The ACNC is approaching its 3rd birthday and charities with a June year-end are lodging Annual Information Statements including financial information for the second time. These statements are now providing information about the sector that has never been available before. … Continue reading

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Public Benevolent Activities outside Australia

  In the past, the ATO has held a view that Public Benevolent Institutions had to provide services to individuals in Australia in order to be eligible for deductible gift recipient status and fringe benefit tax exemptions. As a result, … Continue reading

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ATO view finalised on income tax exemption conditions

The ATO has issued taxation ruling 2015/1 to express the Commissioner’s interpretation of the following conditions in s50 of the Income Tax Assessment Act 1997. The charity must: comply with all the substantive requirements in its governing rules; and apply … Continue reading

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