In a further step to provide a user-friendly and reliable source of data for the community, last week the Australian Business Register (ABR) and Australian Charities and Not for Profits Commission (ACNC) entered into a Memorandum of Understanding (MOU) to facilitate data sharing between the two agencies.

Occasionally, there are data discrepancies between the two

The ATO has released the Draft Special Conditions Ruling TR 2014/D5 – Income Tax: special conditions for various entities whose ordinary and statutory income is exempt

In August the ATO released draft ruling TR 2014/D5 regarding the proposed application of special conditions inserted by the Tax Laws Amendment (2013 Measures No. 2) Act 2013.
The special conditions require that:
  • An entity must comply with all the substantive requirements in its governing rules (Governing Rules Condition); and
  • An entity must apply its income and assets solely for the purpose for which the entity is established (Income and Assets Condition).

What organisations or entities does the ruling apply to?

The ruling applies to a number of income tax exempt entities (but not all) which are listed at Section 50 of the Income Tax Assessment Act 1997 (ITAA).


Continue Reading ATO releases Draft Special Conditions TR2014/D5

Tax TimeDoes your organisation turnover more than $20 million annually? If so, there are changes to the New Tax System (Goods and Services Tax) Act 1999 (GST Act) that you need to be aware of.

The GST Act requires all entities with over $20 million GST turnover to report monthly and lodge activity statements electronically.

The ATO will continue to send paper activity statements irrespective of an entity’s turnover. However this does not remove the obligation to switch to electronic reporting for entities with over $20 million GST turnover.


Continue Reading ATO changes lodgement requirements for organisations with over $20 million GST turnover