Hi all,
I know this doesn’t have relevance to property investing, but since you have been so helpful in the past, I thought that maybe an accountant or lawyer on this site might be able to help guide me in the right direction.
I was wondering how you go about starting up a foundation or charity? Our neighbors have had two horrible tragedies occur, they had two children and the first one was killed when she was very young in a motor vehicle accident, and the second died last year in a motorbike accident. With the second child, he absolutely loved motorbikes, and with the insurance money his parents (our neighbors) have received from his death, they would like to start up some sort of foundation (or charity?) to contribute to others whose passion is motorbikes as well.
Anyways, they’ve asked for help to start something like this, and I was wondering how do you set one of these things up – through and accountant or lawyer? – or is there a useful website?
I know this site is probably not the best to ask for such a thing, but I’ve found such great advice, I thought I might give it a try.
Cheers,
JenHey Jen
Not quite sure whether this will help, but i know charities are heavily lawed by govt, and most likely need to be registered… (with gov etc)I have a few contacts in this area, so pleae don’t hesitate to contact me through email. (see web link below) I deal with many charities who i dontate to for our business and have some govt contacts (local and state govt. in brissy) who may be able to help…
JO.
zenergy.bizps- thought i had already posted this but still finding the ins and outs of using this website… hope if am not doubling up.
For setting up a charity try http://www.dgr.nsw.gov.au
You need to set up an organisation. a company/trust etc. with a formal document – a governing agreement with what the charity can and can’t do. If it is a trust, you will need 3 natural persons as trustees.
If you are going to fundraise, you must register as this is covered by the Chariable Fundraising Act
You then can apply for various exemptions such as income tax, GST, state taxes and deductible gift recipient status (so people can claim a deduction for gifts) etc.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Terry, Zenergy
Thank you! Do you know if the same thing also applies to a “foundation”? And if so, can you recommend someone to help us set this up (or for a charity?)?
I appreciate your help so much!
Cheers,
JenI am not really sure of the difference.
There are a few law sites which enable you to search via the lawyer’s speciality. I will try to find one for you.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Terryw,
Thanks for your help, just wondering if you were able to find one of these law sites?
Cheers,
JenD
Hi Jen
These should keep your busy:
Freehills Lawyers
http://www.freehills.com.au/tax_2772.aspMoores Legal
http://www.mooreslegal.com.au/expertise_notforprofit.htmBrett Davies Lawyers
http://www.taxlawyers.com.au/manuals/Charity.htmPhilanthropy Australia
http://www.philanthropy.org.au/advocacy/draft.htmCharitable Fundraising in NSW
http://www.dgr.nsw.gov.au/HTML/CHARITIES/charities_fundraising.htmlTerryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Charities fear losing tax-free status
http://www.smh.com.au/news/national/charities-fear-loss-of-taxfree-status/2005/06/28/1119724637400.html
from todays Sydney Morning HeraldTerryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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