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05 Jul 11 Assistant Treasurer announces developments in "Not For Profit" sector

In media release No 2011/100, issued 4 July 2011, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, announced the release for public consultation of an exposure draft of legislation that will restate the "in Australia" special conditions for tax concession entities by ensuring that:

  • income tax exempt entities generally must be operated principally in Australia and for the broad benefit of the Australian community; and
  • deductible gift recipients generally must be operated solely in Australia and for the broad benefit of the Australian community.

The Government announced in the 2009-10 Budget that it would amend the "in Australia" special conditions in Division 50 of ITAA 1997 to ensure that Parliament retains the ability to fully scrutinise those organisations seeking to pass money to overseas charities and other entities: see 2009 TAXVINE No 18 (12 May 2009). This announcement followed the decision of the High Court in FCT v Word Investments Limited [2008] HCA 55 (3 December 2008).

Also on 4 July 2011, in the same media release, the Assistant Treasurer announced the appointment of Susan Pascoe, former Commissioner with the Victorian State Services Authority and former CEO of the Catholic Education Commission of Victoria, as the Chair of the Implementation Taskforce for the Australian Charities and Not-for-profits Commission. The Implementation Taskforce will ensure the Australian Charities and Not-for-profits Commission is ready for operation by 1 July 2012, consulting on a single general reporting framework and information portal requirements. The Government will undertake a merit based selection process for the appointment of the Commissioner for the Australian Charities and Not-for-profits Commission once legislation has been finalised.

In announcing Ms Pascoe's new role, Mr Shorten also released the final report on the scoping study for a national NFP regulator. The final report for the scoping study outlines the views put forward by stakeholders during consultation about the design for the ACNPC and makes recommendations on the direction of reforms to strengthen the NFP sector.

 


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