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Queensland Government allows not for profit associations to voluntarily transfer incorporation to company limited by guarantee

Large scale not for profit associations considering migrating to a company structure will welcome recent changes to the Associations Incorporation Act 1981 (Qld). The changes effective from December 2012 provide associations with the opportunity to voluntarily transfer incorporation to a company limited by guarantee, or an Indigenous Corporation, without the need to pay transfer duty or capital gains tax.Under this process the change in corporate status does not create a new legal entity. Therefore, providing the added advantage of continuing contracts, for example, employment, building leases, sponsorship and grants, without the need to novate to a new entity.If you would like to discuss the advantages of migrating to a company structure or the process and requirements to transfer incorporation to a company limited by guarantee please contact Dr Joanne Redburn on 07 3160 0010.

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The material distributed is general information only. The information supplied is not and is not intended to be, legal or other professional advice, nor should it be relied upon as such. You should seek legal or professional advice in relation to your specific situation.

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