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Ella Vines

Amendments to Private and Public Ancillary Fund Guidelines

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.

ACNC revokes charitable status of 169 organisations

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.

Good news for charities – ABR and ACNC to data share

Good news for charities – ABR and ACNC to data share

The Australian Charities and Not-for-profits Commission and the Australian Business Register (ABR) have signed an agreement to transfer information between the ABR and the Charities Register. This means there will now be continuous data sharing between the registers and inconsistencies between them will be reduced.

Due date for lodgement of Annual Information Statements is fast approaching

Due date for lodgement of Annual Information Statements is fast approaching

The ACNC has reminded charities that the due date of 31 January 2016 for Annual Information Statements to be lodged is fast approaching.

The ACNC is encouraging charities with a reporting period of the 1 July – 30 June to begin submitting their 2015 statements now. 

Charities that fail submit their statements for two consecutive years face deregistration and loss of taxation concessions. Further guidance as to reporting obligations can be found alongside the statement submission portal at this link: http://www.acnc.gov.au/2015AIS

For assistance in ensuring that your charity is meeting it’s reporting obligations please contact:

Ashleigh Wall
Senior Associate
T: 03 5226 8559
E:awall@harwoodandrews.com.au

Dianne Sisak Penjalov
Senior Associate
T: 03 5226 8582
E: diannes@harwoodandrews.com.au

Ella Vines
Lawyer
T: 03 5225 5216
E: evines@harwoodandrews.com.au

Charity has status revoked by ACNC

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.

Charities financial reports show significant errors

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.

ACNC CHARITIES - LODGE YOUR AIS PRIOR TO 30 JUNE

ACNC CHARITIES - LODGE YOUR AIS PRIOR TO 30 JUNE

The deadline for lodging your Australian Charities and Not-for-profits Commission (ACNC) registered charity’s Annual Information Statement (AIS) is 30 June, unless you have applied to the ACNC to have a different reporting period. If charities fail to submit their AIS for two consecutive years, they will have their charity status revoked.

1 July deadline for public ancillary funds to comply with guidelines draws near

1 July deadline for public ancillary funds to comply with guidelines draws near

The transitional period for trustees of public ancillary funds to amend their fund’s governing rules to comply with the public ancillary fund guidelines closes on 1 July 2015. Public ancillary funds and their trustees must comply with these guidelines if the funds are to remain endorsed as deductible gift recipients.

As well as the fund losing entitlement to DGR endorsement, failure to comply with the guidelines could lead to the trustee incurring administrative penalties.

 Funding to ACNC to continue until 2019

Funding to ACNC to continue until 2019

In budget papers released on 12 May the Federal Government has confirmed funding to the Australian Charities and Not-for-profits Commission (ACNC) will continue until 2019.  However, the charity regulator will see a modest reduction in its funding from $14.8 million in the next financial year to $13.2 million in 2018-19.