Government seeks public input on tax arrangements for environmental organisations and other not-for-profits

Government seeks public input on tax arrangements for environmental organisations and other not-for-profits

Uncategorized
The Federal Government has recently issued a discussion paper (the paper) titled Tax Deductible Gift Recipient Reform Opportunities. The proposed changes could affect any organisation that is a tax deductible gift recipients (DGR), but environmental organisations are singled out for some of the proposals. By Dr. Drew Donnelly, Compliance Quarter In today’s article, we summarise the five key proposals in the paper. Note, of course, that as this is only a discussion paper, decisions have not yet been made and the Treasury seeks your views on what is proposed. What is DGR status? DGR status means that an organisation is able to receive gifts and contributions that are tax-deductible. Organisations with DGR status are listed on a DGR register. The policy goal for DGR status is to provide support to…
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Productivity Commission Part Two: A new framework for data sharing and release

Productivity Commission Part Two: A new framework for data sharing and release

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In our earlier article, The Productivity Commission’s proposed comprehensive consumer right to data, we looked at the new consumer right to data proposed in the Productivity Commission (the Commission) recent report on data availability and release. Today, we look at the second plank of the reform proposed by the Commission: The proposed scalable risk framework for data sharing and release.   By Dr. Drew Donnelly, Compliance Quarter.  Identified deficiencies in the current regulatory framework Currently, data release is governed by privacy legislation (both at the federal and state levels), as well as a more than 500 secrecy provisions contained in vast array of subject-matter specific legislation. An example of such a secrecy provision is in section 135A of the National Health Act 1953 which prohibits the sharing of any information…
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The low-down on the retail client money reforms for OTC derivatives

Financial Services
Today’s article is our third piece on OTC derivatives regulation in Australia. In today’s piece, we take a look at the new Treasury Laws Amendment (2016 Measures No. 1) Act 2017 (the Amendment Act), which was passed in to law in April of this year. This new law strengthens the regulatory regime for entities that trade over-the-counter (OTC) derivatives to retail clients.   By Dr. Drew Donnelly, Compliance Quarter.  The Amendment Act has a transition period of 12 months so that industry and regulators can getup to speed. Background: lack of protection for retail clients We have already mentioned the difference between the regulatory environment for financial products (such as derivatives), that are traded in financial markets, and those that are traded OTC (see OTC derivatives trading in Australia –…
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OTC electricity derivatives: Are your risk management policies up to scratch?

OTC electricity derivatives: Are your risk management policies up to scratch?

Financial Services
Today, we continue our discussion about AFSL obligations looking at OTC electricity derivatives.   By Dr. Drew Donnelly, Compliance Quarter. Last time we talked about the regulatory reforms to OTC derivative transactions that have occurred over the last five years or so in Australia. And in The AUSTRAC risk management tool: Are you meeting your obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006? we talked about risk management procedures in relation to the anti-money laundering and counter-terrorism regulatory regime. In today’s piece, our second article on the regulatory framework for derivatives in Australia, we discuss an Australian Securities & Investments Commission (ASIC) review of risk management policies and procedures for participants in the OTC electricity derivative market and look at a few of the areas identified in that…
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