Legal Update No 4
Details of tax endorsements and concessions of charities are now available on a public register and can be viewed on the Australian Business Register (ABR) www.abr.business.gov.au. If you have tax endorsements or have the benefit of tax concessions you should access this website to ensure that your information is correctly described.
IP Australia has issued a warning to Trade Mark applicants who do not have a legal representative as their address for service advising that a company is circulating a brochure which alleges that it can fast track their application for a fee. IP Australia has not provided this information nor do they endorse the material or services being offered.
On 1 September 2005 various changes to fees payable under the New South Wales Associations Incorporation Act 1984 were introduced.
The ATO has released its new Taxation Ruling Taxation Ruling TR 2005/13 on Income tax: tax deductible gifts. The ruling contains an extensive explanation of the word “gift” in relation to its meaning under the provisions of the Income Tax Assessment Act 1997. It provides detailed assistance and numerous examples to assist deductible gift recipients when structuring their fundraising programs. In addition it assists taxpayers in deciding how they make contributions to deductible gift recipients.
Submissions for Taxation Ruling TR 2005/D6 Income Tax and fringe benefits tax: charities (released earlier this year) closed on 24 June 2005. The ATO is currently considering all submissions.
On 23 August 2005 the Associations Incorporation Amendment Bill 2005 was introduced into the Tasmanian House of Assembly for proposed amendments to the Tasmanian Associations Incorporation Act 1964. The Bill allows for the Commissioner for Corporate Affairs to direct an incorporated association to become a prescribed body corporate. A failure to do so would allow the Commissioner to cancel the incorporation of the association. According to a provision under the bill the identity of the association will not change upon a transfer of incorporation and it will not impact on the rights and liabilities of the association. Any fees, duties, taxes or charges normally payable upon a transfer of assets would not apply where the association becomes a body corporate.
The ATO has released an information sheet titled “Record keeping in the pubs and clubs industry”. It provides information in relation to the records and book keeping systems small businesses in the pubs and clubs industry need to keep for their daily business transactions.
The ATO has released a new interactive tool to help charities review their entitlement to income tax exempt status.
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