Take Survey
MEDIA, JOBS & RESOURCES for the COMMON GOOD
NEWS  | 

More Flexibility for PPFs


Monday, 30th May 2005 at 1:05 pm
Staff Reporter
Legislation has been introduced into Federal Parliament to amend the Income Tax Assessment Act (ITAA 1997) and introduce a number of amendments to increase flexibility for charitable funds and prescribed private funds (PPFs).

Monday, 30th May 2005
at 1:05 pm
Staff Reporter


0 Comments


FREE SOCIAL
SECTOR NEWS

 Print
More Flexibility for PPFs
Monday, 30th May 2005 at 1:05 pm

Legislation has been introduced into Federal Parliament to amend the Income Tax Assessment Act (ITAA 1997) and introduce a number of amendments to increase flexibility for charitable funds and prescribed private funds (PPFs).

The second reading speech says the bill will implement a number of proposals to increase flexibility for charitable funds, ancillary funds and prescribed private funds, and hence further encourage charitable giving in Australia.

The bill expands the concessions relating to the capital gains tax provisions, distributions by charitable funds, the income tax exemption for charities and the refund of franking credits provisions. The measure gives effect to the government’s announcement in the 2004-05 budget.

The amendments will:
– remove the condition that testamentary gifts (ie gifts made under a will) of property to DGRs must be valued at greater than $5,000 before access to the CGT exemption is available
– allow charitable funds to claim income tax exemptions whether they provide money, property and benefits solely to charities based in Australia, solely to charities that are also DGRs, or to a combination of these charities
– allow prescribed private funds and ancillary funds that provide money, property and benefits solely to income tax exempt DGRs to qualify for income tax exemptions where the Tax Office has endorsed these funds as being eligible for tax exemptions, and
– allow ancillary fund and prescribed private funds that are endorsed as income tax exempt entities to be entitled to a refund of franking credits.

If you would like an electronic version of the Bill in PDFD format just send us an email with the words Tax Laws (2005 No 3) in the subject line to probono@probonoaustralia.com.au.




Got a story to share?

Got a news tip or article idea for Pro Bono News? Or perhaps you would like to write an article and join a growing community of sector leaders sharing their thoughts and analysis with Pro Bono News readers?

Get in touch at news@probonoaustralia.com.au

Tags : Taxation,

 Print

Get more stories like this

FREE SOCIAL
SECTOR NEWS

Write a Reply or Comment

Your email address will not be published. Required fields are marked *



YOU MAY ALSO LIKE

Court Decision Points the Way to DGR Category Simplification

Lina Caneva

Tuesday, 24th June 2014 at 11:00 am

NDIS Levy Confirmed

Staff Reporter

Tuesday, 30th April 2013 at 10:44 am

Charity Regulator to Clash with State Regulators

Staff Reporter

Tuesday, 31st July 2012 at 12:16 pm

New Amendment Shores Up NFP Payroll Tax Loophole

Staff Reporter

Wednesday, 25th July 2012 at 2:52 pm

POPULAR

Report Uncovers Shocking Abuse and Neglect of Adults With Disability

Luke Michael

Monday, 5th November 2018 at 5:29 pm

White Ribbon CEO Puts Hasty Departure Down to Culture Clash

Maggie Coggan

Monday, 12th November 2018 at 5:49 pm

Government Backtracks on Cuts to Food Relief Charity

Maggie Coggan

Monday, 12th November 2018 at 5:42 pm

Disability Groups Cautious Over NDIS Independent Assessment Pilot

Luke Michael

Monday, 12th November 2018 at 5:38 pm

Take Survey
pba inverse logo
Subscribe Twitter Facebook

The social sector's most essential news coverage. Delivered free to your inbox every Tuesday and Thursday morning.

You have Successfully Subscribed!