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23 Aug 12 Charities and Not-for-profits Bills introduced

On 23 August 2012, the following Bills were introduced into the House of Representatives:

The Australian Charities and Not-for-profits Commission Bill 2012 establishes a new independent statutory office, the Australian Charities and Not-for-profits Commission (ACNC) which will be the Commonwealth level regulator for the not-for-profit (NFP) sector. The Bill also establishes a new regulatory framework for the NFP sector. The ACNC will commence operations on 1 October 2012. For the Explanatory Memorandum to this Bill, go here

According to its Explanatory Memorandum, the Tax Laws Amendment (Special Conditions for Not-for-profit Concessions) Bill 2012:

  • re-states the ‘in Australia’ special conditions for income tax exempt entities, ensuring that they generally must be operated principally in Australia and for the broad benefit of the Australian community (with some exceptions);
  • standardises the other special conditions entities must meet to be income tax exempt, such as complying with all the substantive requirements in their governing rules and being a ‘not-for-profit’ entity (with some exceptions);
  • standardises the term ‘not-for-profit’, replacing the defined and undefined uses of ‘non-profit’ throughout the tax laws; and
  • codifies the ‘in Australia’ special conditions for DGRs ensuring that they must generally operate solely in Australia, and pursue their purposes solely in Australia (with some exceptions, such as overseas aid funds and some environmental organisations).

The Tax Laws Amendment (Special Conditions for Not-for-profit Concessions) Bill 2012 commences from Royal Assent, and applies to determine whether an entity is entitled to be income tax exempt or remain income tax exempt for income years following Royal Assent, and to determine whether an entity is entitled to be a deductible gift recipient or remain a deductible gift recipient for income years following Royal Assent. Changes to the fringe benefits tax provisions apply to fringe benefits tax years of tax following Royal Assent.

In media release No 2012/092, issued 23 August 2012, the Assistant Treasurer and Minister Assisting for Deregulation, David Bradbury, commented on the introduction of the legislation to establish the ACNC.

 


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