Eligibility – Gift Deductibility and other NFP Tax Concessions – the ATO view of requisite nexus with Australia
In order to access income tax concessions (exemption from tax, gift deductibility status, and access to franking credit refunds), NFPs must meet certain degrees of nexus with Australia. This article outlines the tests and then discusses the nexus pre-condition governing entitlement to gift deductibility. In an accompanying article ‘Tax Exemption and Refund of Franking Credits […]
Eligibility – Tax Exemption and Refundability of Franking Credits – the ATO view of the requisite nexus with Australia
This article accompanies another article which identifies Australian nexus pre-requisites for certain tax concessions relevant to NFPs and discussed the test applicable to certain deductible gift recipients. The present article focuses on the application of the different nexus test governing access to exemption for tax and refundability of franking credits.
Some entities fall into more than one category for income tax exemption. This article considers the situation in which an entity is a ‘charity’ and is also exempt on another basis. Is such an entity required to register with the ACNC in order to obtain exemption?
Eligibility Article – Charities and Governance Standards: the ever increasing focus on charities’ financial affairs
This article considers the ACNC’s Governance Standard 5 and notes the implications of recent instances of non-compliance that it has identified.
Eligibility Article – ‘Taxable payments’ annual reporting for Government entities: a timely reminder
Government entities (whether federal, state or local) need to be aware of their impending obligation to report certain service or grant payments to the Australian Taxation Office. This article summarises the requirements of this reporting obligation, as well as exemptions for entities and specific payments.
Eligibility Article – Implications for NFPs on Labor proposal to end cash refunds on imputation credits
The recent Labor Party proposal to potentially end access to cash refunds of imputation credits is attracting plenty of discussion, but does it have any implications for NFPs in receipt of cash refunds of imputation credits on dividend income?
Eligibility Article – Revocation of charity registration – Waubra Foundation v Commissioner of Australian Charities and Not-for-profits Commission
This article considers a recent AAT case which considered whether a not-for-profit entity’s charity registrations were validly revoked by the ACNC Commissioner. The decision will especially interest entities claiming to be a health promotion charity or claiming to be a charity promoting or protecting human rights.
With an estimated 600,000 NFPs operating in Australia and some 60,000 ACNC registered charities a recent Australian Accounting Standards Board research report into the Financial Reporting Requirements Applicable to Charities identified some concerning issues.
Eligibility Article ‘ Yet again, another case of an organisation unsuccessfully seeking payroll tax exemption as a charity
The South Australian Supreme Court have recently considered whether the South Australian Chamber of Commerce & Industry Incorporated is entitled to exemption on some/all wages under the South Australian payroll tax law. The Court held the exemption did not apply.