Social Impact Awards
MEDIA, JOBS & RESOURCES for the COMMON GOOD
News  |  Policy

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

Lessons from the banking royal commission for the NFP sector

Contributor

Tuesday, 11th June 2019 at 7:40 am

How good is New Zealand’s budget?

David Crosbie

Thursday, 6th June 2019 at 7:20 am

A fairer tax system?

Joe Zabar

Tuesday, 4th June 2019 at 8:18 am

POPULAR

Disability groups call for better quality plans in NDIS review

Luke Michael

Monday, 12th August 2019 at 4:51 pm

Gillian Triggs to shine a light on Australia’s refugee treatment

Maggie Coggan

Monday, 12th August 2019 at 5:04 pm

Australians’ generosity a “mixed bag”

Maggie Coggan

Tuesday, 20th August 2019 at 8:23 am

ACNC takes action on charity linked to controversial animal farm

Luke Michael

Monday, 19th August 2019 at 5:24 pm

Social Impact Awards
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!