News and Articles

Not for profit organisations – will you be required to pay income tax from 1 July 2024

Until now these self- assessing income tax exempt entities have not had to lodge any form of report or return with the ATO. This has now changed.

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Mandatory grievance procedure for Associations and Clubs in Queensland

Associations and Clubs in Queensland – be aware - mandatory grievance procedure for disputes between members The Queensland Government has made some significant changes to the legislation applying to incorporated associations. This message is about the grievance procedure for disputes. The Supreme Court of Qld has jurisdiction to determine disputes between members of Queensland’s incorporated […]

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Important ATO Update for clubs & associations

Clubs and associations claiming income tax exemption: be aware ATO reporting update The ATO is going full steam ahead with its proposal to require not- for-profit entities which self- assess as income tax exempt (sporting clubs, community service organisations, industrial, agricultural, scientific associations and similar), to lodge an annual review report as from 1 July […]

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It's not all serious...

A Wonderful Holiday For those clients who waited for me to return from my recent wonderful holiday, thank you. I thought you might like to see this picture of me jumping off the boat during the swim trek Kaz, Turkey. Not all serious lawyer, all of the time.

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NFP’s be aware – you are required to lodge a return with ATO from 1 July 2024

consequences for non compliance with tax legislation A not- for- profit entity (NFP) is an entity that is operating for its purpose and not for the profit or gain (either direct or indirect) of its individual members whilst it operates or on its winding up. An NFP may be take the legal form of a […]

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Related Party Transactions and charities – are you prepared?

Charities are required to have a related party policy and process to enable them to prepare to report on related party transactions in the 2023 AIS to the ACNC. The ACNC has launched a public consultation on what information it will seek from charities about related party transactions. It can be accessed here on the […]

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PBI and FBT – ATO focus

The ATO is focussing on whether public benevolent institutions (PBIs) endorsed by the Commissioner of Taxation as eligible for an exemption from fringe benefits tax (FBT) are properly claiming the tax. Benefits provided to employees of the PBI are exempt from FBT (up to a capping threshold). Jennifer Moltisani of ATO says We are concerned […]

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Private Foundations the ATO is looking at you

The ATO is on the lookout for advisers who are telling clients that, by operating their business or income producing activities through a private foundation, they can 'opt out’ of the tax system. Jennifer Moltisani of ATO says: Unlike genuine NFP foundations, participants stream their untaxed employment, contractor, or business income through the sham foundation, […]

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Remuneration and Benefits Disclosure requirements

Associations must disclose remuneration and benefits to members Queensland associations must disclose at their annual general meeting, any remuneration and other benefits given to: The details of what must be disclosed, and how, are subject to consultation before being set out in a regulation. The requirement will apply from the date on which the Regulation commences. […]

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Disclosure for Incorporated Associations

Disclosure of material personal interest to members at general meeting Management committee members of incorporated associations in Queensland are required to disclose a material personal interest in a matter being considered at a management committee meeting, to: If a committee member has a personal interest in a matter being considered at a management committee meeting, […]

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