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Recommendations
Recommendation 2.1 (page 27)
2.71 The committee recommends that the definition of a 'basic
religious charity' (BRC) in the Australian Charities and Not-for-profits
Commission Bill 2012 be modified to enable an entity to retain their current
status as a BRC in cases where they operate a school building fund with
deductible gift recipient status within the entity. The committee recommends
that the bill be amended to this effect.
Recommendation 2.2 (page 31)
2.87 The committee
recommends that as part of the five year review of the operation of the ACNC,
the annual reporting requirement thresholds are reviewed. This review should
consider the evidence that existing thresholds have been fairly and
appropriately set based on the need for transparency and risk-management on one
hand with the compliance burden on the other.
Recommendation 2.3 (page 31)
2.89 The committee acknowledges that schools are required
to provide annual financial reports to the Australian Curriculum, Assessment and
Reporting Authority as part of the My School website. This data is extensive
and thus the Australian Charities and Not-for-profits Commission should accept
that data as suitable to meet the annual financial reporting requirements in
the ACNC Bill. The committee recommends that the Bill be amended to this
effect.
Recommendation 2.4 (page 33)
2.96 The committee
recommends that the Australian Charities and Not-for-profits Commission Bill
2012 be passed.
Recommendation 3.1 (page 43)
3.31 The committee
recommends that upon the establishment of the Australian Charities and
Not-for-profits commission on 1 October 2012, the Commissioner promptly engages
stakeholders to devise a set of governance standards and reporting requirements
for the sector. These requirements must balance the need for probity and
transparency with an acknowledgement of the time and cost that these
arrangements may pose, particularly for smaller entities.
Recommendation 3.2 (page 43)
3.32 The committee
recommends that the Australian Charities and Not-for-profits (Consequential and
Transitional) Bill 2012 be passed.
Recommendation 4.1 (page 56)
4.37 The committee
recommends that the Australian Taxation Office circulate guidance material
relating to Schedule 1, Item 38 of the Taxation Laws Amendment (Special
Conditions for Not-for-Profit Concessions) Bill 2012. This material should be
developed in consultation with stakeholders and should provide examples which
illustrate the responsibilities of donors in checking recipient entities'
expenditure.
Recommendation 4.2 (page 59)
4.50 The committee
recommends that Treasury issue guidance material in relation to proposed
section 995-1(1) of the Income Tax Assessment Act 1997. This material
should:
- state the intent and the
intended consequence of the definition;
- state that the definition is
intended to align with definitions of a 'not for profit company' in other
statutes; and
-
clarify that where entities
return any surplus to the not-for-profit purpose, the entity shall not lose its
tax exempt status.
Recommendation 4.3 (page 61)
4.53 The committee
recommends that the Tax Laws Amendment (Special Conditions for Not-for-profit Concessions)
Bill 2012 be passed.
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