Welcome to the November 2022 newsletter:
In this edition of our newsletter, we comment on the following matters:
- Charitable trustees declaring the purpose on their appointment and implications of Section 8AA of the Duties Act 1997 (NSW).
- Incorporated works of charitable organisations: a potential minefield for governance.
- Leaving a gift to charity in your Will
- Crowd-Funding - what Charities, Donors and Fundraisers need to know
- Two deadlines not to miss
We trust you will enjoy the read.
Carroll & O'Dea Lawyers Community & Associations' Team
Charitable trustees' declarations
From 11 May 2022 the Duties Act 1997 (NSW) has introduced Section 8AA which brings significant changes to the NSW stamp duty regime; and an imposition of duty on the acknowledgement of trusts.
Incorporated works of charitable organisations: a potential minefield for governance
Many charitable organisations, particularly religious communities or church communities have adopted a common practice of incorporating not-for-profit companies or associations to guarantee the perpetual advancement of their purposes. In the religious context, this has been accompanied by the need to supplement the "workforce" of diminishing members of religious congregations by replacing those persons with lay people of like mind and commitment.
Leaving a gift to charity in your Will
Often bequests are a major source of income for charities, and the provision in your Will must be accurate.
Many charities give guidance in brochures or on their websites as to the preferred wording to be used, so, you should provide this to your solicitor for the drafting.
Crowd-Funding: What do you need to know as a charity, donor and fundraiser?
Crowd-funding has become one of the most popular methods of online fundraising for NFPs and charities. While it is an easy way for individuals and groups to raise funds for important charitable causes, there are a number of areas that need to be considered first.
This article will outline the issues that charities and donors should consider before embarking on a crowd-funding campaign.
Two Deadlines Not To Miss
DGR's not already registered as charities must register with Australian Charities and Not for profit Commission before 14 December 2022 to retain DGR status: the only exceptions are for government agencies or DGR's that are specifically listed in the Income Tax Assessment Act 1997
There are some transitional provisions which may assist
Directors of all companies, including not for profit companies, must hold a director identification number no later than 30 November 2022.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
