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    Tax Laws Amendment (2012 Measures No.4) Bill 2012: tax exempt body “in Australia” requirements

    Moore Stephens Australia have written a submission responding to the exposure draft legislation:

    Tax Laws Amendment (2012 Measures No.4) Bill 2012: tax exempt body "in Australia" requirements.

    Federal Budget 2012/13 - Not For Profit

    There has been significant tax and governance reform of the not-for-profit sector over the last two years, with many announcements made. There is little in this budget that will specifically impact on the taxation and governance of the sector, allowing it time to digest the previously announced measures.

    Revised Exposure Draft - In Australia Special Conditions

    In July last year Treasury sought feedback on the In Australia special conditions for tax concession entities.

    We are pleased that the Government has listened to the feed-back provided by the NFP sector and advisors and on 17 April 2012 released a revised exposure draft for comment.

    Start of Better Targeting of Not for Profit Tax Concessions

    Recently, the Federal Government announced that the application of the “Better Targeting of Not for Profit Tax Concessions” would be delayed from its intended start date of 1 July 2011 to 1 July 2012.

    Start of Charities Commission Delayed to 1 October 2012

    News Flash

    Yesterday the Federal Government announced that the start date for the Australian Charities and Not-for-profits Commission is delayed until 1 October 2012.  The start date was originally planned to be 1 July 2012, a 3 month delay.

    Whilst we welcome the deferred start date the financial reporting framework is still intended to commence on 1 July 2013 as is the statutory definition of charity and the public information portal.

    Addendum to not-for-profit guide on commercial activities

    Enterprise Care – Newsletter

    The Australian Taxation Office (‘ATO’) released an addendum (NAT 7966ADD) to its guide – Tax basics for non-profit organisations (NAT 7966) to incorporate the decision in Commissioner of Taxation v Word Investments ltd (2008) in relation to operating commercial business enterprises through charities (i). This case clearly provides that entities (including subsidiary entities) which operate commercial enterprises can still be charitable as long as the commercial enterprises are undertaken to effectuate the charitable purposes of the entity (or its parent).

    Reform of Charitable Fundraising Regulation

    The Federal government is progressing quickly with its consultation process regarding the ACNC and its role. On Thursday last week, comments closed on the Charitable Fundraising regulation reform – discussion paper and draft regulation impact statement.

    NFP Reform Agenda – Government Submissions

    We recently made submissions to Treasury on the Government’s NFP Reform papers in relation to both the:
    • Exposure Draft - Australian Charities and Not-for-profit Commission Bill 2012 and Explanatory Materials; and
    • Consultation Paper – Review of Not-for-profit Governance Arrangements.

    NFP Reform Agenda continues at a Rapid Pace – Have Your Say

    Following our recent submissions on the Government’s consultation paper regarding a statutory definition of charity (click here to read), the Federal Government’s reform agenda continues at a rapid pace with the release on 9 December 2011 of 2 more major elements of the reform being:

    •    Exposure draft legislation to establish the Australian Charities and Not-for-profits Commission (ACNC) as announced in the 2011 budget; and
    •    A consultation paper on current governance arrangements for the not for profit sector.

    Defining Charity

    Moore Stephens have written a submission responding to the Treasury consultation paper on “A Definition of Charity” The submission was lodged with Treasury this month
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