Agribusiness, Tax Vittoria De Stefano Agribusiness, Tax Vittoria De Stefano

Wine Equalisation Tax Rebate

In light of the 2016-2017 Federal Budget handed down on 3 May, participants in the wine industry have expressed significant concerns regarding the Federal Government’s proposal to reform the Wine Equalisation Tax Rebate (WET Rebate) and the related eligibility criteria.

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Small Business Rod Payne Small Business Rod Payne

Top 5 legal tips for starting a business

Starting a business needs more than just a great idea. It involves planning, getting your finances in order and of course ticking all the legal boxes. Navigating the legal landscape for a new business can be difficult, so we want to share with you the top five things you need to consider:

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Small Business Rod Payne Small Business Rod Payne

Tax Incentives for Startups

The Federal Treasury has introduced legislation which aims to create tax incentives for investors by encouraging early stage investment in startups (Bill).

The Bill aims to increase the volume of funding available for startups by offering tax concessions to potential investors.

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Not For Profit Harwood Andrews Not For Profit Harwood Andrews

Amendments to Private and Public Ancillary Fund Guidelines

The Private Ancillary Fund and Public Ancillary Fund Amendment Guidelines 2015 (amending guidelines) propose to amend the currentPrivate Ancillary Fund Guidelines 2009 and the Public Ancillary Fund Guidelines 2011 (together, the Guidelines), with the changes to apply from 1 July 2016.  The Guidelines set minimum standards for the governance and conduct of ancillary funds and their trustees, breach of which can result in a revocation of charitable and/or concessional tax status.  Therefore, trustees of ancillary funds need to familiarise themselves with these changes.

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Not For Profit Harwood Andrews Not For Profit Harwood Andrews

Charity case law update – Study and Prevention of Psychological Diseases Foundation v Commission for Taxation

The Federal Court has dismissed an appeal by Study and Prevention of Psychological Diseases Foundation (SPED) against an earlier finding of the Administrative Appeals Tribunal confirming a decision of the Commissioner of Taxation to revoke SPED’s endorsement for federal tax concessions as a health promotion charity.  

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Not For Profit Harwood Andrews Not For Profit Harwood Andrews

Shane Warne Foundation under investigation

The financial practices of The Shane Warne Foundation are under investigation by Consumer Affairs Victoria.

The Foundation is listed on the Australian Charities and Not-for-profits Commission register as a public ancillary fund that is a deductible gift recipient entitled to GST and FBT concessions and is exempt from income tax. Established in 2003, the Foundation has the charity subtype of advancing social or public welfare, lists its beneficiaries as youth with chronic illness and disabilities. It has revenue of $250,000 to $999,999 per year putting it in the medium sized charity category.

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Not For Profit Harwood Andrews Not For Profit Harwood Andrews

ACNC revokes charitable status of 169 organisations

The Australian Charities and Not-for-profit Commission (ACNC) has revoked the charitable status of 169 organisations for failing to comply with their reporting obligations for two or more consecutive years.  This means that these organisations will lose access to all Commonwealth tax concessions, such as exemption from income tax, to which they were previously entitled.

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Not For Profit Harwood Andrews Not For Profit Harwood Andrews

Charity has status revoked by ACNC

On the 11th of September 2015, the Queensland based organisation Adult Stem Cell Foundation Australia Limited (ASCFAL) had its charity registration revoked by the Australian Charities and Not-for-profit Commission (ACNC) after a review into its operations and activities was conducted by the ACNC.  This means it will no longer be eligible for charity tax concessions, such as exemption from income taxes, deductible gift recipient status and fringe benefits tax concessions.

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Not For Profit Harwood Andrews Not For Profit Harwood Andrews

Charities financial reports show significant errors

Thousands of charities are being contacted by the Australian Charities and Not-for-profits Commission (ACNC) due to significant errors in their financial reporting. The ACNC have highlighted that significant errors have been located in many charities’ 2014 Annual Information Statements or Annual Financial Reports.

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