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

NFP Tax Reform Extension


2 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.


Staff Reporter | 2 April 2012 at 2:43 pm


0 Comments


 Print
NFP Tax Reform Extension
2 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. 



PB Careers
Get your biweekly dose of news, opinion and analysis to keep you up to date with what’s happening and why it matters for you, sent every Tuesday and Thursday morning.

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 or download our contributor guidelines.

Get more stories like this

FREE SOCIAL
SECTOR NEWS

Your email address will not be published.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



YOU MAY ALSO LIKE

Election mania: What should I do during caretaker?

Neil Pharaoh

Monday, 21st September 2020 at 4:24 pm

Close to 150,000 jobs at risk due to welfare cuts

Luke Michael

Tuesday, 15th September 2020 at 5:02 pm

JobSeeker recipients fear push back under poverty line

Maggie Coggan

Friday, 11th September 2020 at 4:51 pm

pba inverse logo
Subscribe Twitter Facebook
×