Our intention is to establish a registered charity structured as a Company Limited by Guarantee (CLG), which will serve as the principal legal entity for developing, managing, and replicating the sea farm model across Tasmania. This structure is widely used by not-for-profit and charitable organisations in Australia due to its governance transparency, legal protections, and eligibility for tax concessions.
This may take some time to setup so in the meantime to get the ball rolling, we will use the entity Bruny Island Seafarms Inc which is a registered incorporate association.
As a charity registered with the Australian Charities and Not-for-profits Commission (ACNC), we will seek endorsement for key tax benefits through the Australian Taxation Office (ATO), including:
- Deductible Gift Recipient (DGR) status, allowing individuals and corporations to make tax-deductible donations
- Income tax exemption
- Fringe benefits tax (FBT) rebate eligibility
- GST concessions
This structure will position us strongly to secure government grants, philanthropic funding, and partnerships with research and community organisations. It also enables public trust and accountability, with clear reporting requirements and independent governance through a board of directors.
While the CLG will manage education, outreach, and system development, we may also establish a separate trading entity—such as a social enterprise or cooperative—to handle commercial operations such as harvesting, processing, and product distribution, ensuring mission alignment and financial sustainability.