ATO/General

Eligibility – The NSW Rural Fire Services Case – Donor expectations not met?

Electronic media reports of the recent NSW Supreme Court decision guiding the NSW Rural Fire Service & Brigades Donation Fund on the application of $51m in bushfire donations have been confusingly brief. At least some donors will be disappointed. The decision has implications for both charities and their donors. The January 2020 bushfires led to …

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PODCAST: ATO COVID-19 support for NFPs

TaxEd Director Michael Doran recently hosted the mega-popular tax podcast Tax Yak – he had a chat with Jennifer Moltisanti of the Australian Taxation Office about the range of economic stimulus measures to support Not-for-profits. The podcast episode will assist accounting practitioners to manage tax related matters for their NFP and charity clients, including eligibility, …

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Payroll – COVID-19 frequently asked questions

The ATO has published guidance on some employer issues arising due COVID. The material includes assistance with questions relating to FBT and superannuation. The ATO has answered some questions frequently asked by employers in relation to matters that are connected with COVID. The information is buried in the ATO website. For ease of considering immediate …

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Charities – Charities and NFPs preparing special purpose financial statements – Are you affected by the new disclosure rules?

From 30 June 2020, certain entities preparing special purpose financial statements are required to disclose the extent of compliance with AASB 1054. Charities that are registered with the Australian Charities and Not-for-profit Commission (ACNC) are required to submit an annual information statement (AIS) to the ACNC within 6 months of the end of their financial …

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General – Should we apply for an ATO Class Ruling?

FBT, GST and other tax issues can be complex and can cause confusion about compliance requirements. We previously published an article discussing the use of Private Rulings to address this uncertainty. Sometimes, specific issues can affect a group of taxpayers. Rather than each individual taxpayer applying for their own Private Ruling, the group may prefer …

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