Not For Profit, Commercial Contracts, Tax Harwood Andrews Not For Profit, Commercial Contracts, Tax Harwood Andrews

1,400 ACNC Charities face deregistration and loss of tax concessions

The ACNC have announced that up to 1,400 ACNC registered charities face deregistration unless they lodge their Annual Information Statement (AISby 30 March 2015. Each of these charities has failed to lodge their AIS for 2 consecutive years.  If deregistered, they will no longer be eligible for charity tax concessions including income tax, fringe benefit tax and GST.

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Tax Harwood Andrews Tax Harwood Andrews

Beware of waiving privilege when disclosing the 'gist' of advice

In the recent Federal Court case of Krok v Commissioner of Taxation[1] a taxpayer was implied to have waived the right to legal professional privilege by disclosing documents which refer to the purpose and reasoning of legal advice. As a result, the taxpayer may be required to discover documents that would otherwise have been protected.

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Tax Harwood Andrews Tax Harwood Andrews

Project DO IT

Voluntary disclosures relating to the Australian Tax Office’s (ATO) “Project DO IT” initiative must be made before 19 December 2014

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Not For Profit, Tax Harwood Andrews Not For Profit, Tax Harwood Andrews

Australia’s Charities and Not-for-profits - Options Paper released

In line with its election promise to abolish the Australian Charities and Not-for-profits Commission (ACNC), the Abbott Government has now released Options Paper, Australia’s Charities and Not-for-profits which seeks feedback on its proposed arrangements for charities in Australia. The Government’s proposed arrangements attempt to balance the administrative burden of reporting with the need for organisations receiving concessional tax treatment to be publicly accountable.

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