The not-for-profit sector in the 21st century

The Melbourne Law School hosted an international conference, Defining, Taxing and Regulating the Not-for- Profit Sector in the 21st Century, in July 2012. The conference brought together national and international academics, government agencies, members of the government and Third Sector1 representatives to discuss changes in the sector globally. This Brief looks at the background of the need for reform, and then focuses on the proposed reforms by the Commonwealth government in the form of a charity commissioner. The focus of the Brief will be on the charities part of the not-for-profit (‘NFP’) sector, reflecting the general thrust of the conference itself

Tax strategies

In this chapter, we examine some of the tax administration issues relevant to financial advisers and highlight the differences between tax planning and tax avoidance. We also examine some issues regarding risk management, and explore ways in which the Australian Taxation Office (ATO) manages its own risks. Finally, we consider some tax planning by comparing different investment strategies

Taxation : strategies for financial planners

In this chapter, we look at the impact taxation has on financial planning. The way we do this is to first familiarise ourselves with some basic tax terminology. We then look at how the tax formula operates in application to some common investment scenarios for employees, investors and businesses. We consider how the various taxes work in these different scenarios and explore some typical issues that arise. The main (but not exclusive) focus is on federal taxes, such as income tax, fringe benefits tax and the goods and services tax. It is important to understand how tax can affect financial planning, including when tax planning becomes tax avoidance. It is also important to understand the role of the revenue authority, the Australian Tax Office – and its powers to investigate and audit

Taxation : strategies for financial planners

In this chapter, we look at the impact taxation has on financial planning. The way we do this is to first familiarise ourselves with some basic tax terminology. We then look at how the tax formula operates in application to some common investment scenarios for employees, investors and businesses. We consider how the various taxes work in these different scenarios and explore some typical issues that arise. The main (but not exclusive) focus is on federal taxes, such as income tax, fringe benefits tax and the goods and services tax. It is important to understand how tax can affect financial planning, including when tax planning becomes tax avoidance. It is also important to understand the role of the revenue authority, the Australian Tax Office – and its powers to investigate and audit

Australian Charities and Not-for-profits Commission update

On 23 December 2015, the uncertainty surrounding the ongoing existence of the Australian Charities and Not-for-profits Commission (‘ACNC’) was ended with the release of the Exposure Draft Private Ancillary Fund and Public Ancillary Fund Amendment Guidelines 2015. The Turnbull government intends to amend the existing Guidelines to reflect the introduction of ACNC and the Charities Act, giving the clearest indication to date of federal support for the continuation of the ACNC

The Henry Review and charitable purpose : workable solutions or another band-aid?

Charity, so they say, starts at home. But how about tax deductible charity? There has been over the last decade, several reviews of charitable purpose and of Not-For-Profit Organisations (‘NFPs’) generally. The most recent review is Australia’s Future Tax System Report (hereinafter known as the ‘Henry Review’). The Final Report was delivered to the Federal Government in December 2009 but made publically available on 2 May 2010. The Henry Review identified key issues with respect to the Not-for-Profit (‘NFP’) sector, which includes charities and their activities within the framework of the tax and transfer system. One of the biggest issues facing NFPs is obviously that the current concession based system is complex, both legally and administratively

Tax and social media networking

Social media can be used to amplify your tax business presence and provide opportunities to connect with current and future clients in informed and yet personal ways that were never previously possible. However, effective social media practices involve more than joining a site and pushing a product. Social media also holds traps (or notoriety) for the unwary. This paper discusses: the practical aspects of setting up a social media account; managing the daily interactions; establishing an authentic valued presence; avoiding the traps

Taxation : an overview for financial planners

In this chapter, we look at the impact taxation has on financial planning. The way we do this is to review the basics of income tax and then look at how income tax might apply to a financial-planning situation. We also examine some non-income taxes and how they could impact on providing financial advice. It is important to understand how tax can affect financial planning and it is also important to understand that both this chapter, and the following chapter on tax planning, are about raising awareness of potential issues, and are not intended to make you into a tax adviser

The ACNC, the Senate, the Commission of Audit and the not-for-profit sector

Law reform initiatives may take decades to come to fruition. According to Kingdon, a convergence of problems, policies and political streams is needed to open a window of opportunity to initiate major changes to existing laws. Policymaking may, in fact, be characterised by long periods of stability followed by brief periods of major policy shifts that may result in key reforms to existing legal systems. As such, it is not surprising that the not-for-profit sector’s reforms have taken decades and countless inquiries to come into effect. These reforms have resulted in the introduction of a new regulatory framework for the sector through the establishment, in 2012, of the Australian Charities and Not-for-Profits Commission (‘ACNC’)

Reading law : motivating digital natives to ‘do the reading’

Teaching university students who do not do the reading before class is not a new problem for lecturers. This article considers barriers to reading and remedial motivational strategies specific to law students of the ‘digital native’ generation. Although there is some debate as to the actual extent to which the digital native generation does learn differently, this article does not seek to engage in discussions of cognitive psychology. Rather, the purpose is to demonstrate that there are tools, with which the digital generation as a rule are already familiar, which may be utilised by the academic in the task of motivating students to do the reading