Close Search
 
MEDIA, JOBS & RESOURCES for the COMMON GOOD
News  | 

Tax Time - Imputation Credits for NFP's


12 June 2001 at 1:06 pm
Staff Reporter
By now some 42,000 Not for Profit organisations around Australia will have received a refund application form for imputation credits associated with franked dividends.

Staff Reporter | 12 June 2001 at 1:06 pm


0 Comments


 Print
Tax Time - Imputation Credits for NFP's
12 June 2001 at 1:06 pm

By now some 42,000 Not for Profit organisations around Australia will have received a refund application form for imputation credits associated with franked dividends. And the Australian Tax Office has gone to some lengths to ensure the process is an easy one.

The Federal Government has recently legislated to refund excess imputation credits to registered charitable and gift deductible organisations.

The reason for this is to ensure that these organisations would not be subject to tax even when their investments were made in or through taxable companies.

And to make it easy for the Not for Profit sector, the ATO has sent out a personalised refund application package after much consideration was given to designing the system.

The ATO says the underlying objectives were to keep things as simple as possible, minimise the compliance costs and get input from users.

As a result the system requires filling in a one-page application form with a minimal number of questions. All applications will be processed at one site with a quick turn around of 28 days. It is not necessary to provide supporting documentation when lodging an application.

Applications for refunds of imputation credits for 2000/2001 income year will be processed from July 1 2001 onwards.

Also a reminder from the Tax Office about the tax deductibility of payments to attending a fund raising event. Generally no part of a payment for a dinner or function can be treated as a donation or gift where the full amount must be paid in order to attend the event. A gift is a payment that is made voluntarily, out of benefaction, where the donor does not receive material benefit in return.

If you need more information call the Business Tax reform Infoline on 1 300 137 619 or look for the Fact Sheet on the ATO web site at www.taxreform.ato.gov.au.




Tags : Taxation,

 Print

Get more stories like this

FREE SOCIAL
SECTOR NEWS


YOU MAY ALSO LIKE

Leading the charge against bullying in Australia

Ed Krutsch

Friday, 4th October 2024 at 9:00 am

Innovating and change making in Cairns

Ed Krutsch

Friday, 27th September 2024 at 9:00 am

An Interview Guide for Interviewers

Johnson Recruitment

Friday, 27th September 2024 at 9:00 am

pba inverse logo
Subscribe Twitter Facebook
×