The recent liquidation of a large college in Victoria which displaced over 1200 students, is a reminder to directors of not for profit (NFP) organisations of their duties. Even though directors in this sector are sometimes ‘well meaning amateurs,’ they play an important function and carry the burdens and responsibilities that accompany the office of…
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The ATO has warned taxpayers of arrangements that promote tax deductions for gifts of pharmaceuticals to charities for overseas use, similar to that outlined in TA 2010/8 – Gift deductions for donation of pharmaceuticals to charities operating overseas. The ATO says taxpayers should be aware that any arrangements they enter into with similar features may…
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The Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011 has been introduced in the House of Representatives. It includes the following amendments: increase the small business instant asset write-off threshold from $1000 to $6500, and consolidate the long-life small business pool and the general small business pool into a single pool to…
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