New NFP Taskforce Chair appointed
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Pascoe has been a full-time Commissioner with the Victorian State Services Authority, with responsibility for regulatory reform, since September 2006. She was formerly the Chief Executive of the Catholic Education Commission of Victoria and the Director of Catholic Education in the Archdiocese of Melbourne. Before this, she was the Chief Executive Officer of the Victorian Curriculum and Assessment Authority.
In announcing Ms Pascoe’s new role, Assistant Treasurer Bill Shorten also released the Final report on the scoping study for a national NFP regulator and the exposure draft consultation paper on restating the ‘in Australia’ special conditions for tax exempt entities.
The Government announced in the 2009-10 Budget that it would amend the ‘in Australia’ special conditions in Division 50 of the Income Tax Assessment Act 1997 to ensure that Parliament retains the ability to fully scrutinise those organisations seeking to pass money to overseas charities and other entities.
The exposure draft also amends the ‘in Australia’ special conditions as they apply to deductible gift recipients.
Restating the ‘in Australia’ special conditions will provide support to the anti-avoidance measures in the tax law that limit income tax exempt entities, including deductible gift recipients, expending money offshore and ensure tax supported funds remain in Australia and clarify the law to give the sector certainty as to their obligations.
The ‘in Australia’ special conditions provide additional measures to address possible abuse of not for profit entities for the purposes of money laundering and terrorist financing, and ensure the proper operation of nonprofit entities, their use of public donations and funds, and the protection of their assets. Consultation is open for six weeks, until Friday, 12 August 2011.
The Implementation Taskforce will ensure the ACNPC is ready for operation by 1 July 2012, consulting on a single general reporting framework and information portal requirements.
The Implementation Taskforce will also engage with state agencies to negotiate use of the portal as a ‘one stop shop’ for reporting to state agencies.
The Government will undertake a merit based selection process for the appointment of the Commissioner for the ACNPC once legislation has been finalised.
The final report for the scoping study outlines the views put forward by stakeholders during consultation about the design for the ACNPC and makes recommendations on the direction of reforms to strengthen the nonprofit sector.
