Community clubs and charities tax reforms

Volunteer committees and charity boards could get tripped up by the large volume of recent governance and tax reforms announced by the federal government.

QUT Australian Centre for Philanthropy and Nonprofit Studies (ACPNS) Director, Professor Myles McGregor-Lowndes has edited an almanac to help organisations abide by current regulation.

"There have been an unprecedented number of reforms recently covering everything from new governance duties and liabilities to taxation matters," he said.

"In all nearly 500 pages of reforms for the sector have been released and it's not easy for club, charities and associations to take it all in.

"With most charities and clubs, including junior sporting clubs, run by volunteers a simple to read reference book was called for."

The Australian Nonprofit Sector Legal and Accounting Almanac is available for free and includes information on recent amendments to laws, summaries and comments on proposed reforms and information on the latest accounting standards.

Professor McGregor-Lowndes said a key change that nonprofit organisations would find of interest was a proposed change in relation to a tax on commercial surpluses.

He said the almanac also included tips on good governance including minute taking, the tabling of documents and directors responsibilities in relation to financial documents.

He also said boards and treasurers needed to keep up-to-date with proposed reforms and the latest accounting standards.

"The pace of change is frenetic and it's easy to fall behind and get yourself and your club into hot water," Professor McGregor-Lowndes said.

NAB has supported the compilation of the Australian Nonprofit Sector Legal and Accounting Almanac.

11 April 2012.