Impact 25 Winners
MEDIA, JOBS & RESOURCES for the COMMON GOOD
NEWS  |  Politics

NFP Tax Reform Extension


Monday, 2nd April 2012 at 2:43 pm
Staff Reporter
The Federal Government has given the Not for Profit sector another year to prepare for the new tax reforms that were announced in last year’s budget.


Monday, 2nd April 2012
at 2:43 pm
Staff Reporter


0 Comments


FREE SOCIAL
SECTOR NEWS

 Print
NFP Tax Reform Extension
Monday, 2nd April 2012 at 2:43 pm

Flickr image: AttributionNoncommercial Some rights reserved by Michael Dawes

The Federal Government has given the Not for Profit sector another year to prepare for the new tax reforms that were announced in last year’s budget.

Assistant Treasurer David Bradbury said that after extensive consultation with the Not for Profit sector, the government had decided to extend the start date for the 2011-12 Budget measure to better target NFP tax concessions from July 1, 2011 to July 1, 2012.

Bradbury said that he and the Minister for Social Inclusion, Mark Butler, had heard the feedback from the sector about the need for more consultation following consultation with representatives from the Not for Profit sector and the NFP Sector Reform Council

“This extension of the start date of the measure will provide for additional time for consultation and it will reduce the uncertainty for those in the sector who have commenced commercial activities since the 2011-12 Budget that may be caught by the measure,” Bradbury said in a statement.

Earlier this year the Federal Government announced the membership and terms of reference of a new working group to consider the support currently provided through tax concessions to the Not for Profit sector.

These included concessions for income tax, fringe benefits tax and goods and services tax, and also deductible gift recipient status.

Bradbury said that the extended start date will only apply to new unrelated commercial activities that commenced after May 10, 2011.

He said that existing unrelated commercial activities that commenced prior to that date will continue to be covered by transitional arrangements as announced in the 2011-12 Budget. 




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

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

Our Failure to Plan is a Plan to Fail – the Future of the Charities Sector

David Crosbie

Thursday, 28th February 2019 at 8:46 am

ACOSS Calls for $2 Billion Budget Boost for Community Services

Luke Michael

Tuesday, 19th February 2019 at 4:58 pm

Mental Health the Poor Cousin of the Health System

Contributor

Tuesday, 22nd May 2018 at 11:29 am

ACNC Funded for Anticipated Litigation

Wendy Williams

Thursday, 10th May 2018 at 10:51 am

POPULAR

The ‘hidden gem’ of philanthropy

Wendy Williams

Tuesday, 19th March 2019 at 8:44 am

Advocacy groups struggle amid growing NDIS waiting lists

Luke Michael

Wednesday, 20th March 2019 at 11:46 am

Gen Y emerge as Australia’s most generous givers

Luke Michael

Thursday, 14th March 2019 at 9:00 am

Disability Housing Conference
pba inverse logo
Subscribe Twitter Facebook

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

You have Successfully Subscribed!