The end of increased funds to charity does not justify the means

The Administrative Appeal Tribunal has upheld the decision of the ACNC not to allow the registration of charities because of the underlying reasons for their registration. Cancer & Bowel Research Australia Ltd, Breast Cancer Australia Ltd, and Kids Cancer Research Australia Ltd (entities) were all incorporated in May 2017 as companies [...]

2021-11-16T16:16:00+10:00November 16th, 2021|

Where angels now fear to tread

An angel investor is an individual (usually high net worth) who provides financial backing for small start-ups or entrepreneurs, typically in exchange for ownership equity in the company. They are high risk investments, but essential to getting new inventions to market. The Federal Court had previously decided in Commissioner of Taxation v [...]

2021-11-16T16:16:10+10:00November 16th, 2021|

Shake up in School Building Funds

There are nearly 5,000 school building funds (SBF) on the books of the ATO and it is the second largest category of Deductible Gift Recipients (DGRs) after Public Benevolent Institutions. The ATO has had SBF on the compliance radar for a long time as it believes there are substantial risks to [...]

2021-11-16T16:16:19+10:00November 16th, 2021|

Did you miss something in 2021?

Australian Taxation Office (ATO) The ATO has recently refreshed its compliance and strategic plans and here is our pick of the highlights. On the current ATO Watch list are: Public and Private Ancillary Funds – annual scrutiny of finances and compliance with Guideline requirements. Refund of Franking Credits – review of [...]

2021-11-16T16:16:28+10:00November 16th, 2021|
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