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Charities & Not-For-Profits Law in Australia

Tag Archives: tax

School Building Funds’ Compliance Reminder

Posted in Compliance, Fundraising, General, Governance

A reminder to check your School Building Funds’ compliance with the ATO requirements. School and College Building Funds may attract the attention of the ATO’s compliance program this year.  The ATO develops and implements its compliance program annually, which identifies key areas for its compliance activities for the financial year.  The compliance program targets areas… Continue Reading

Legal Questions for Every Charity & Not-For-Profit Organisation | Issue 2: Charitable Tax Concessions

Posted in Tax Exemptions & DGR Status

As advised in Issue 1: Governance, during the course of advising charities and not-for-profit (NFP) organisations over many years, we have noticed some common issues that are important to our clients. Over the next few months, we will continue to run a series of short summaries of those legal issues that every charity and not-for-profit organisation should consider. This… Continue Reading

Update: NFPs and UBIT (taxation of ‘unrelated business income’)

Posted in Tax Exemptions & DGR Status

Summary – Earnings derived from “new” activities that do not directly support the NFP organisations altruistic purposes are now subject to tax. We thought it appropriate to provide an update on the proposals for taxation of unrelated business activities (commonly referred to as “UBIT”). In the 2011-12 Federal Budget the government announced it will reform… Continue Reading

California couple loses USD18 million over IRS form filling error

Posted in Compliance, Fundraising, General

Summary – California couple donated real estate worth USD18 million to a charity but their failure to complete the Internal Revenue Service (IRS) form correctly lead to their loss of the entire associated tax deductions. California couple, Joseph and Shirley Mohamed, donated real estate worth USD18 million to a charity in 2003 and 2004 but… Continue Reading