An organisation registered with the ACNC is required to be controlled by persons (its ‘responsible persons’) who meet certain suitability standards. This article considers the ACNCs view of the minimum steps an organisation should take in order to establish that its initial, and subsequently appointed, responsible persons meet the requisite standards.
In our March 2016 newsletter, we took a look at a favourable ATO guideline regarding travel on public roads between work sites and the implications for claiming Fuel Tax Credits. Our members have enquired about the ATO position prior to the change.
Where a not-for-profit entity is not eligible for income tax exemption, it may nevertheless be entitled to concessional tax treatment under the Mutuality Principle. We take a look at the ATOs recently released guide on what the Mutuality Principle is and how it works.
Eligibility – ATO releases application form for refund of franking credits relating to the 2015-16 income year
In our December 2015 newsletter, we alerted readers to the prospect of certain not-for-profit bodies being able to seek cash refunds of franking credits attached to dividends they receive. This article provides a brief update and notes it is time to act.
Last month (Withholding Tax Get a certificate and make it go away?), we drew attention to the application of a withholding tax which all prospective vendors of real property and vendors of certain other property (e.g. certain shares or trust units) need to consider. It was noted that foreign resident capital gains withholding tax […]
From 1 July 2016 purchasers of certain Australian assets will need to withhold and remit to the ATO part of the purchase price. This article looks at action which vendors (including NFPs) can take in order to avoid this occurring in some instances.
Eligibility – Taxpayer Alert 2016/5 – Purported tax-exempt non-profit ‘foundations’ used to evade or avoid taxation obligations
used to evade or avoid taxation obligations The ATO is investigating the use of non-profit ‘foundations’ as vehicles to avoid or evade tax. This article outlines the scope of the ATO’s areas of interest, its line of enquiry and ATO action as set out in the Taxpayer Alert.
There have been calls within the not-for-profit sector for introduction of an estate duties. The calls suggest an estate duty will provide ‘untold’ bounty to the non-profit bodies. This article looks at the calls. – If you disagree with the comments feel free to engage in the debate through this newsletter by emailing the TaxEd […]
Eligibility Q&A – Deductibility of optional payment made to a DGR simultaneously with a payment to attend a fundraising function.
Will an optional payment that is solicited by a public ancillary fund be deductible where it is sought simultaneously with another organisation’s fund raising event?