Changes to GST Laws for NFPs
21 October 2010 at 12:15 pm
The Federal Treasury has released exposure draft legislation outlining changes to improve the administration of the GST law as it relates to 'non-profit sub-entities'.
This legislation will implement recommendations from the Board of Taxation’s review of the legal framework for the administration of the GST, which were agreed to by the Government on 12 May 2009.
The amendments to the GST Act allow non-profit sub-entities to access the GST concessions available to their parent entity.
The current law does not specify whether non-profit sub-entities can access the same GST concessions as their parent entity.
The draft will be discussed in detail at the ATO Charities Consultation Committee meeting on 1 November in Brisbane.
Interested parties are invited to comment on the exposure draft material.
Closing date for submissions: Wednesday, 27 October 2010
Address written submissions to:
The General Manager
Indirect Tax Division
PARKES ACT 2600