Economy of Urabba Parks
|Economy of Urabba Parks|
|Currency||Australian dollar (AUD) = 0.72USD|
|Fiscal year||1 July–30 June|
The economy of Urabba Parks is the economic activities of Urabba Parks Pty Ltd and its subsidiaries.
The main activities of Urabba Parks include environmental protection and civil defence operations through the Urabba Parks Operations Network.
Australian Business Number
Urabba Parks is registered as a business in Australia; the Australian Business Number (ABN) of Urabba Parks Pty Ltd is 24 159 318 859. Danny Racovolis made an application to the Australian Taxation Office (ATO) for a Australian Business Number (ABN) for Urabba Parks Proprietary Limited on the same day of its incorporation, 3 July 2012. The application was granted shortly after it was made, and Urabba Parks Pty Ltd has the ABN 24 159 318 859.
As of 19 October 2023, Urabba Parks is registered for Goods and Services Tax (GST). As a registered charity, Urabba Parks is exempt from Australian company tax, but is not eligible to receive tax deductible gifts.
Urabba Parks is required to use the Australian Business Number on invoices it issues to its members and customers. The 11-digit ABN (or the 9-digit Australian Company Number of Urabba Parks) is also required to be used on its common seal[CA2001 1] and 'public documents' (which include correspondence, deeds, contracts and internal documentation such as minutes of resolutions).[CA2001 2]
Urabba Parks was incorporated in 2012, a year of change for Australia's charity sector. Immediately upon the allocation of the Australian Business Number of Urabba Parks, Founder Danny Racovolis applied to the Australian Taxation Office for exemption from income tax as a charitable institution under the provisions governing tax exemptions for charities at the time. However that year, the Australian Government under Julia Gillard created the Australian Charities and Not-for-profits Commission (ACNC) in an effort to modernise the regulation of charities in Australia. The ACNC registered Urabba Parks Pty Ltd as a charity under the Australian Charities and Not-for-profits Commission Act 2012 on the day of its Royal Assent, 3 December 2012.
Each charity registered under the Australian Charities and Not-for-profits Commission Act 2012 must be registered with a subtype to reflect its charitable purposes. Urabba Parks was originally registered under the subtype of "another purpose beneficial to the community". On 1 January 2014, with the reform of subtypes, Urabba Parks is registered under the subtypes of:
- Purposes beneficial to the general public that may reasonably be regarded as analogous to, or within the spirit of, any of the other charitable purposes: This would cover activities in charitable democracy in addition to natural environment activities (see below)
- Advancing the natural environment: This covers the activities at Urabba at Rankins Springs and environmental protection activities undertaken by the Urabba Parks Operations Network
As of 4 August 2022, Urabba Parks remained registered under the 2014 subtypes.
As a registered charity, Urabba Parks must maintain adherance to the ACNC Governance Standards. For example, compliance with Governance Standard 1 (Not-for-profit and working towards charitable purpose) requires Urabba Parks to only pursue objects falling in its registered subtypes, and provide information to the public regarding its activities. There is also a requirement to lodge annual information statements which contain information regarding the entity's finances and activities for each financial year (ending 30 June).
Financing and capital
Urabba Parks is financed primarily by debt, and also has the power to issue shares as equity.
- Current details for Urabba Parks Pty Ltd ABN 24 159 318 859. Australian Business Register. Retrieved 20 October 2023.
- Charity register >> Urabba Parks Pty Ltd >> History. Australian Charities and Not-for-profits Commission. Retrieved 7 February 2023.
- Governance Standards. ACNC. Retrieved 7 February 2023.
- Governance Standard 1: Not-for-profit and working towards charitable purpose. ACNC. Retrieved 7 February 2023.