Law Experts » Churches

Time for comments on the draft report by the Productivity Commission on the contribution of the not for profit sector expires on 24 November 2009

Graham Corney — Fri, 13 Nov 2009 02:20:36 +0000

The time for comments on the draft report by the Productivity Commission on the contribution of the not for profit sector expires on 24 November 2009.

The draft report is a comprehensive document of 510 pages (without supporting material) and covers a wide range of factors that impact on the not-for-profit sector generally. It is one of a raft of such examinations of the sector either currently in place such as the Federal Government’s Taxation Review headed by Dr Ken Henry or recently completed such as the report released last December by the Senate Standing Committee on Economics into Disclosure regimes for charities and not-for-profit organisations.

The terms of reference for the this review require the Commission to have regard to Dr.Henry’s review and the report of the Inquiry into the Definition of Charities and other organisations commissioned in 2002 but not to examine in detail the matters covered by those reviews.

Non profit sector participants can expect to see far reaching implications emerge in the foreseeable future for the way they currently operate and are urged to seriously consider the draft report.

The Corney & Lind Lawyers Not for Profit and Charity Lawyers will continue to monitor the developments in the sector and will keep you informed. Our Non Profit and Charity Law specialist knowledge is widely recognised.

Go to the draft report.

Not for Profit (special purpose) companies limited by guarantee save ASIC annual fees

Kensie Corney — Tue, 28 Jul 2009 05:46:03 +0000

Many Not for Profit (Non Profit) companies limited by guarantee should qualify as Special Purpose Companies with ASIC.

A Special Purpose Company qualifies for reduced annual review fees from $1000 pa to $40 pa (a not insignificant saving!)

You can advise ASIC that a company is a Special Purpose Company on the Form 201 Application for Registration. Alternatively, at a later date, you can lodge a Form 484 Change to company detailsThere are number requirements for a Not-for-profit company to qualify as a Special Purpose Company – and all 3 requirements are addressed in our template constitution for companies limited by guarantee.

A company that ceases to be a Special Purpose Company must notify ASIC of this change using a Form 484 B3.

It makes good sense to enage our specialist Not for Profit lawyers.

School or college building funds – successful objection to ATO ruling

Graham Corney — Fri, 24 Jul 2009 05:37:47 +0000

Reference: TR 96/8 – item 2.1.10 s 30-25(1) ITAA 97

The ATO has for some time been putting forward the view in correspondence that only an educational institution is able to conduct a School or College Building Fund. There are many churches and property trusts who have had these funds approved in the past but the ATO has been refusing these institutions recently.

Corney & Lind were consulted on one recent knock back and wrote the objection. Result? The ATO reversed their decision.

It makes good sense to engage the, Church Law, School Law and Not for Profit (Non Profit) specialist lawyers from Corney & Lind.