Australia
NFP Governance | August
17 August 2020 | Minutes to read: 2

NFP Governance | August

By William Buck

ATO helps NFPs to comply

The Australian Taxation Office has compiled a list of online resources that aims to help NFPs in their annual reviews of tax compliance.

Included are an online guide on exemptions for sporting clubs and an income-tax-status review worksheet that most NFPs should be able to use.

The tax office encourages charities to review annually their Tax Concession Charities endorsement concessions and deductible-gift-recipient status.

NFPs with DGR status should also review their organisations to ensure that they still operate for the purposes for which they were granted DGR endorsement.

Two worksheets will assist you in reviewing DGR endorsement:

  • Review of a DGR-endorsed as a whole, and
  • Review of a DGR-endorsed for the operation of a fund, authority or institution it owns or includes.

For further information click here.

Superannuation-guarantee amnesty closing

The federal government has introduced a superannuation-guarantee amnesty.  The amnesty allows employers to disclose and pay previously unpaid super-guarantee charges, including nominal interest, that they owe their employees, for quarters starting from 1 July 1992 to 31 March 2018, without incurring the administration component ($20 per employee per quarter) or Part 7 penalty.

The amnesty finishes on 7 September and cannot be extended.  Apply now for this one-off opportunity to correct past unpaid super, avoiding administration charges and penalties.

For further information click here.

Good-governance guides released

The Governance Institute  has released three new good-governance guides that explore key challenges.

Topics examined include:

Technology governance:

  • The role of technology governance in a corporate-governance framework
  • The role of directors
  • Technology-governance committees, and
  • Emerging technology, innovation opportunities and risks.

Emerging risk:

  • What are emerging risks?
  • Environmental and social risks
  • Technology risks, and
  • Where are emerging risks recorded?

Compliance guide (revised):

  • A compliance framework
  • Compliance culture
  • Compliance management systems, and
  • Oversight of the compliance function.
Related Insights

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