Mid Year Economic and Fiscal Outlook Forecast: Streamlining of DGRs put on hold for a year

In the Mid Year Economic and Fiscal Outlook Forecast (MYEFO) released in mid-December 2018, the government put back the implementation of the streamlining of deductible gift recipient (DGR) regulation by a year. The previous year’s MYEFO announced $5.7 million for the Australian Charities and Not‑for‑profits Commission (ACNC) and the Australian Taxation Office (ATO) to [...]

2019-03-28T09:59:46+00:00March 28th, 2019|

Trends in the not-for-profit sector: ATO NFP Stewardship group

Background The ATO convenes a stewardship meeting with NFP sector representatives several times a year to discuss matters of mutual concern relating to nonprofit tax administration. The November 2018 meeting minutes have just been released and the following issues will be of interest to those responsible for tax compliance of not for profit [...]

2019-03-28T09:49:55+00:00March 28th, 2019|

How will the whistle-blower reforms affect your not-for-profit

Background In February of this year the Commonwealth Parliament passed important reforms to the whistle-blower protections regimes that applies to private entities, including some not-for-profits. The new regime will commence on 1 July 2019. The reforms bolster the current private sector whistle-blower protections by: expanding the types of people who can make a [...]

2019-03-28T09:40:42+00:00March 28th, 2019|

Generous attorneys: the limits on attorneys benefiting themselves

Generous attorneys: the limits on attorneys benefitting themselves Introduction Section 32 of the Powers of Attorney Act 1998 (Act) provides that an attorney is able to do anything that the principal could lawfully do by attorney (if the adult had capacity for that matter). This means the starting point for considering what powers [...]

2019-03-21T09:25:49+00:00March 21st, 2019|

Re Marsella: the exercise of discretion by a trustee in paying benefits from an SMSF

Re Marsella: Marsella -v- Wareham (No 2) [2019] VSC 65 On the death of a member of a self-managed super fund (SMSF), that deceased member has a death benefit which needs to be paid. When there is no binding nomination in place, the trustee of the SMSF generally (read the deed…) has discretion [...]

2019-03-21T09:20:06+00:00March 21st, 2019|