Commonwealth Parliament resumes
Parliament resumes next Tuesday 8 February 2005.
Sitting dates for the Autumn sittings are as follows (all dates inclusive):
- 8 to 10 February 2005
- 14 to 17 February 2005 (House only - further sitting day on 18 February 2005, if required)
- 7 to 10 March 2005
- 14 to 17 March 2005.
Budget Night this year is on 10 May 2005.
Federal Parliament was "prorogued" (dissolved ) on 31 August following the calling of a general election to be held on 9 October.
As a result, any Bills currently in Parliament but not passed, will lapse and will need to be reintroduced when Parliament is reconvened after the election.
Until the election, the Government is in caretaker mode and no decisions will be made.
Co-operatives and demutualisation
The latest edition of ACCORD News carries these items relevant to demutualisation:
Not-for-profits, mutuality and tax
The Federal Court decision in Coleambally Irrigation Mutual Co-Operative Ltd v Commissioner of Taxation created a controversy when it decided that the co-operative was not a mutual (and therefore its income was taxable) because its constitution prohibited the distribution of surplus assets to members on a winding-up.
The ATO has long insisted on the clause as a prerequisite for income tax exemption for not-for-profits.
Mark Lyons discusses the case from a public policy perspective here.
The decision is on appeal.
IT Governance is based on principles from risk management and disaster recovery. It is directly relevant to implementation of prudential standards and corporate governance.
Standards Australia has issued a draft standard "Corporate governance of information and communications technology".
Most useful are the checklists for assessment of ICT governance.