Thursday November 2012

Tax PuzzleSummary – Submissions in response to the Not-For-Profit Sector Tax Concession Working Group’s discussion paper are currently being sought.

Submissions in response to the Not-for-profit Sector Tax Concession Working Group’s discussion paper, Fairer, simpler and more effective tax concessions for the not-for-profit sector released on Friday 2 November by the Assistant Treasurer, the Hon David Bradbury MP, and the Minister for Social Inclusion, the Hon Mark Butler MP, are currently being sought.

The Tax Concession Working Group was established in February 2012 by the then Assistant Treasurer, the Hon Mark Arbib, and the Minister for Social Inclusion, the Hon Mark Butler MP. Its goals are to consider ideas for better delivering the support currently provided through tax concessions to the Not‑For‑Profit sector, and it is intended to stimulate discussion, debate and feedback.


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ACNC

Summary –  Legislation to establish the Australian Charities and Not-For-Profits Commission (ACNC) has passed through both Houses of Federal Parliament.

The ACNC has been established as a specialist, national regulator for the Australian charities and Not-For-Profits (NFP) sector.  Its establishment is the cornerstone of the Federal Government’s NFP reform agenda for the implementation of a national approach to regulation of the sector. It will apply initially to charities and in due course to the rest of the NFP sector.

The Legislation comprises two Bills: the Australian Charities and Not-For-Profits Commission Bill 2012 and the Australian Charities and Not-For-Profits Commission (Consequential and Transitional) Bill 2012 (ACNC Bills).


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