The Little CFO Legal®

#CharitySubtypes #AdvancingReligion When the Australian Charities and Not-for-profits Commission register an organisation, its charity ‘subtypes’ are also publicly registered. These reflect the category of that organisation’s charitable purpose, which is what its activities will work towards achieving. Each subtype has a specific meaning under the law. The subtype for discussion today is Advancing Religion. ✔️ A religion involves a belief in a supernatural being, thing or principle, and acceptance of canons of conduct which give effect to that belief. ✔️ Advancing religion involves promotion of those beliefs, principles, observances and standards of conduct. Some examples of charities that advance religion: o Religious congregations o Religious education bodies o Funds for establishing and maintaining religious buildings 📢Important note on ‘Basic Religious Charities’📢 o Under the ACNC Act, 'Basic Religious Charities' are exempt from certain reporting requirements and the ACNC's Governance Standards. o To be classified as a Basic Religious Charity, a charity can be registered only with the subtype of advancing religion and could not be registered as any other subtype. o So, for example, it could not also be registered for the subtype of advancing education. ------- ℹ️ Accountants, Lawyers & Advisors ℹ️ Do your clients enquire about Charities/NFPs? Not sure where to start? Get in touch with us at legal@littlecfo.com to: 📎 Request our "Charity and NFP Legal Services & Pricing" info pack. 📞 Book a chat with our Principal. We work collaboratively with our accounting, legal, and advisory firm referrers. 📢 Ask about our CLE/CPD presentations. ------- #ACNC #Charities #CharitablePurposes #TaxConcessionCharity #DGR #charity #Nonprofits #Lawyers #Accountants #Religion

#ATOAnnualReport Latest statistics on ATO debt holdings, breakdown of outstanding collectable taxpayer debts, and debt not pursued. Small businesses continue to account for the majority of collectable debt. Source: Australian Taxation Office annual report 2023–24. #TaxAdministration #AustralianTax The Little CFO Legal®

#CharitySubtypes #AdvancingSocialWelfare #AdvancingPublicWelfare When the Australian Charities and Not-for-profits Commission register an organisation, its charity ‘subtypes’ are also publicly registered. These reflect the category of that organisation’s charitable purpose, which is what its activities will work towards achieving. Each subtype has a specific meaning under the law. The subtype for discussion today is Advancing social or public welfare. This is a purpose introduced by the Charities Act and includes purposes previously recognised in charity law (such as the relief of poverty and the relief of the needs of the aged). The following purposes (among many others) are included: ✔️ Relieving the poverty, distress or disadvantage of individuals or families, eg: - Accommodation services for people experiencing homelessness - International aid programs - Services for refugees - Soup kitchens - Employment & training services for the unemployed ✔️ Caring for, supporting & protecting children and young individuals, eg: - Child care services - Services for disadvantaged youth or 'at-risk' youth ✔️ Caring for and supporting the aged, eg: - Residential aged care facilities - Residential and non-residential care and assistance. - Alzheimer's associations, arthritis services, respite services - Community services for the elderly ✔️ Caring for and supporting individuals with disabilities, eg: - Residential and non-residential care - Braille libraries - Disability employment services - Guide dog associations - Support groups for people living with particular disabilities ✔️ Assisting in rebuilding, repairing or securing NFP community buildings and assets after a cyclone, bushfire or other disaster. ------- ℹ️ Accountants, Lawyers & Advisors ℹ️ Do your clients enquire about Charities/NFPs? Not sure where to start? Get in touch with us at legal@littlecfo.com to: 📎 Request our "Charity and NFP Legal Services & Pricing" info pack. 📞 Book a chat with our Principal. We work collaboratively with our accounting, legal, and advisory firm referrers. 📢 Ask about our CLE/CPD presentations. ------- #ACNC #Charities #CharitablePurposes #TaxConcessionCharity #DGR #charity #Nonprofits #Lawyers #Accountants #PublicWelfare #SocialWelfare #DisasterRelief #Cyclone #Bushfire #NaturalDisaster

#CharitySubtypes #AdvancingEducation When the Australian Charities and Not-for-profits Commission register an organisation, its charity ‘subtypes’ are also publicly registered. These reflect the category of that organisation’s charitable purpose, which is what its activities will work towards achieving. Each subtype has a specific meaning under the law. The subtype for discussion today is Advancing Education. Advancing education includes (but is not limited to): ✔️ Formal education ✔️ Vocational training ✔️ Publicly available research directed to expanding human knowledge ✔️ Less formal education aimed at developing core life skills ✔️ Providing prizes and scholarships. Some examples of charities advancing education: ✔️ Kindergartens, preschools, non-government schools, colleges and universities, industry training organisations ✔️ Bodies for health or childbirth education ✔️ Historical education societies, research institutes, Scouts and Guides groups ✔️ Organisations offering academic scholarships and prizes. ------- ℹ️ Accountants, Lawyers & Advisors ℹ️ Do your clients enquire about Charities/NFPs? Not sure where to start? Get in touch with us at legal@littlecfo.com to: 📎 Request our "Charity and NFP Legal Services & Pricing" info pack. 📞 Book a chat with our Principal. We work collaboratively with our accounting, legal, and advisory firm referrers. 📢 Ask about our CLE/CPD presentations. ------- #ACNC #Charities #CharitablePurposes #TaxConcessionCharity #DGR #charity #Nonprofits #Lawyers #Accountants

#CharitySubtypes #AdvancingHealth When the Australian Charities and Not-for-profits Commission register an organisation, its charity ‘subtypes’ are publicly registered. These reflect the category of that organisation’s charitable purpose, which is what its activities will work towards achieving. Each subtype has a specific meaning under the law. The subtype for discussion today is Advancing Health. Advancing health includes preventing and relieving sickness, disease or human suffering (but is not limited to these). Some examples of charities advancing health: ✔️ Hospitals, ambulance services, nursing services ✔️ Family planning and support services ✔️ Medical research bodies ✔️ Associations, foundations and support groups for people with particular illnesses or diseases ------- ℹ️ Accountants, Lawyers & Advisors ℹ️ Do your clients enquire about Charities/NFPs? Not sure where to start? Get in touch with us at legal@littlecfo.com to: 📎 Request our "Charity and NFP Legal Services & Pricing" info pack. 📞 Book a chat with our Principal. We work collaboratively with our accounting, legal, and advisory firm referrers. 📢 Ask about our CLE/CPD presentations. ------- #ACNC #Charities #CharitablePurposes #TaxConcessionCharity #DGR #charity #Nonprofits #Lawyers #Accountants

Join us over the coming weeks as we explore the recognised charitable subtypes - here is a sneak peek video! #RegisteredCharities The ACNC Act sets out 14 charity subtypes, which include: 🔷 the 12 charitable purposes as set out in the Charities Act 2013 (Cth) 🔷 the categories Public Benevolent Institution and Health Promotion Charity. ------- ℹ️ Accountants, Lawyers & Advisors ℹ️ Do your clients enquire about Charities/NFPs? Not sure where to start? Get in touch with us at legal@littlecfo.com to: 📎 Request our "Charity and NFP Legal Services & Pricing" info pack. 📞 Book a chat with our Principal. We work collaboratively with our accounting, legal, and advisory firm referrers. 📢 Ask about our CLE/CPD presentations. ------- #ACNC #Charities #CharitablePurposes #TaxConcessionCharity #DGR #charity #Nonprofits #Lawyers #Accountants

#InternationalTransactions Failing to report and/or providing incorrect reporting of international transactions attracts the ATO's attention, including: 🌏️ Related party financing Cross-border financing arrangements involving non-arm's length terms or conditions. 🌏️ Intangible assets International arrangements that don't recognise or incorrectly characterise intangible assets. 🌏️ Controlled foreign entities #CFCs Australian entities who fail to report or incorrectly report attributable foreign income. 🌏️ Thin capitalisation #ThinCap Entities that do not comply with or incorrectly apply the thin capitalisation rules. 🌏️ Transfer pricing - services and other dealings #TP Income not subjected to domestic tax due to non-arm's length conditions of international related party dealings. 🌏️ Non-resident withholding tax interest, dividend or royalty Entities that fail to withhold tax on interest, dividend or royalty payments to foreign residents. 🌏️ Income from overseas branches Overseas branch or permanent establishment income incorrectly recognised as #NANE branch income. 🌏️ Mischaracterisation of inbound foreign funds Cross-border arrangements that mischaracterise inbound foreign funds. 🌏️ Foreign residents disposing of taxable Australian property Disposals of taxable Australian property by foreign residents. 🌏️ Hybrid mismatch rules Hybrid mismatch arrangements which exploit differences in the laws of 2 or more tax jurisdictions. 🌏️ SGE and CBC reporting entities Entities that met the definition of SGE or CBC reporting entity but failed to self-assess as one. ------- If your client is facing an ATO review, audit, or dispute, get in touch today: legal@littlecfo.com ------- Always seek advice specific to your circumstances directly from your appointed professional advisor. #Tax #TaxLawyer #AustralianTax #IncomeTax #CrossBorder #TransferPricing ------- Source: ATO (QC69437) <https://lnkd.in/g2mdc5ar>

Tax advisors should be mindful of #OperationProtego, which is an ATO-led investigation into large-scale #GSTfraud that was promoted particularly on social media. The attempted fraud involves an individual: 🔺 inventing a fake business; 🔺 lodging a fraudulent Australian business number (ABN) application; and 🔺 submitting fictitious business activity statements (BAS) to attempt to gain a false GST refund. A recent ATO media release details the latest in sentencing for Operation Protego: 🔶 16 October 2024: - A woman has been sentenced to 4 years jail with a non-parole period of 2 years and 4 months, and was ordered to repay $599,349. 🔶 Charges: - one count of obtaining a financial advantage by deception - one count of attempting to obtain a financial advantage by deception. 🔶 Details of the fraudulent GST refund: - The woman registered for both an ABN and for GST in November 2021 for a residential cleaning business. Between November 2021 and March 2022, she lodged fraudulent BAS. - The woman obtained $599,349 in fraudulent GST refunds she was not entitled to and attempted to obtain a further $259,976, which was stopped by ATO officers. For the latest news and further sentences handed down as a result of Operation Protego, see: https://lnkd.in/e3qR52SA ------- Always seek advice specific to your circumstances directly from your appointed professional advisor. #Tax #TaxLawyer #AustralianTax

The #CommissionerofTaxation, Rob Heferen's address at The Tax Institute's National GST Conference. Australian Taxation Office #TaxAdvisors #GST #AustralianTax #ATOinsights #TaxPractitioners #Accountants #TaxLawyers

#TaxChats It was great catching up with leaders of Brisbane's business advisory firms over a delicious banquet lunch at the Tattersall's Club. Thank you all for joining us for the October instalment of our tax networking lunch. ℹ️The Little CFO Legal® proudly holds this tax networking series in collaboration with The Little CFO®, SV Partners, and Tax Assure. --- --- --- --- --- --- --- --- 🔸Interested in attending future events with us? 🔸 If you are a leader of a professional advisory firm in the legal, accounting or financial industry, we invite you to sign up for future event updates: https://lnkd.in/gZ4ziQDe 🔸 About our tax networking series 🔸 Our guests create new connections and gain insights into the best approach when assisting clients with ATO tax debts, audit/reviews, DPNs, & tax disputes. This series provides accounting and financial advisors with the opportunity to gain insights on topical tax matters concerning their clients, with the benefit of hosts' expertise, including: 🔷 The Little CFO Legal® - Expert advice & representation for ATO tax disputes; 🔷The Little CFO® - CFO advisory services; 🔷Tax Assure - Specialist tax debt services for undisputed tax debts; 🔷SV Partners - Advice for businesses & individuals facing financial distress & insolvency. --- --- --- --- --- --- --- --- #AccountingIndustry #Accountants #Finance #ATODebt #ATOAudit #ATOReview #ATODispute #TaxDisputes Adam Thorpe David Stimpson Michael Moon Ken Freer Mike Gavriel Chardave Lee Nola Luyten FIPA Eagle Tax & Accounting Cheryl Stainsby MAICD Your Director's Advocate Jane Purnell Holzworth Partners Sharon Coleman Welsh Tax Vincent Berry Sajen Legal Melanie Barton ABL Corp