The Commonwealth Government is inviting submissions on draft legislation, draft regulations and explanatory materials intended to amend tax laws to restate and centralise the special conditions for tax concession entities.
Since its establishment on 3 December 2012, the Australian Charities and Not-for-profit Commission (ACNC) has been working to protect public trust and confidence in charities and assist charities in complying with their obligations under relevant laws.
Federal Minister for Social Services Kevin Andrews has confirmed the pre-election promise of the Government to abolish the Australian Charities and Non-for-Profits Commission (ACNC).
Last year could be classified as a year of change of charities. With the Australian Charities and Not-for-profits Commission (ACNC) hitting the ground running in January 2013, legislation being passed providing for a statutory definition of charity and the Federal Court’s decision on the Hunger Project’s FBT exemption application, 2014 may be the year for charities to review, reflect and possibly revisit their positions.
The Commissioner of the Australian Charities and Not-for-profit Commission (ACNC) has announced that the due date for submission of 2013 Annual Information Statements (AISs) has been extended until 31 March 2014.
The legal definition of what constitutes a charity has developed over the past 400 years, dating back to the Charitable Uses Act 1601, commonly known as the Statute of Elizabeth.
The Australian Charities and Not-for-profits Commission (ACNC) commenced on 3 December 2012. The ACNC establishes a national regulatory system that promotes good governance, accountability and transparency for the Australian not-for-profit sector.
In the 2011/2012 Budget, the government announced a package of reforms in relation to not-for-profit (NFP) organisations.
Traditionally, non-profit organisations that promote the change of government law or policy have struggled to qualify for charitable tax concessions. That may be set to change with the High Court of Australia’s grant of special leave to appeal in the case of Aid/Watch Incorporated v Commissioner of Taxation [2010] HCATrans 58.