This update identifies key aspects of the 2014/15 Federal Budget relevant to charities and not-for-profit organisations. It also provides some other news. ACNC and the Federal Budget In the 2011-2012 Budget, $53.6 million was allocated for the Australian Charities and Not-for-Profits Commission (ACNC) over a four-year period. There has not been any change to this
2014 Federal Budget: what’s in it for charities? Read More »
Do you operate a Private Ancillary Fund (PAF) which is registered with the ACNC, or do you operate a PAF endorsed as an Income Tax Exempt Fund (ITEF)? All ITEFs were migrated to the Australian Charities and Not-for-profits Commission (ACNC) on 1 January 2014 as part of the commencement of the Charities Act 2013. Information
Yesterday, the Federal Government introduced a Bill into Parliament to abolish the Australian Charities and Not-for-Profits Commission (ACNC). The Australian Charities and Not-for-Profits Commission (Repeal) (No 1) Bill 2014 will be debated in next week’s sitting of Parliament. You can read the Bill, associated explanatory material, and the Minister’s speech here. Two-part repeal; return of
Bill to repeal ACNC introduced, but no changes yet Read More »
– New draft different again to previous versions; would come into force immediately – Key elements of the new draft – Donor charities to track any offshore use of funds by recipients which do not share the same tax status – New conditions for ‘disregarded’ amounts: using funds overseas must be justified on basis of utility
New draft legislation for ‘in Australia’ changes Read More »
