Summary - The Gillard Government has announced
that the 2011-12 budget measure "Better Targeting of NFP Tax
Concessions" will now commence from 1 July 2014.
On 31 January 2013 the Gillard Government
announced that the Better Targeting of Not-For-Profit tax
concessions legislation will now commence from 1 July 2014.
Assistant Treasurer, David Bradbury MP said "this extension
will enable further consultation and engagement with the NFP sector
on this measure and ensure there is an opportunity for detailed
stakeholder input to be provided."
The purpose of the legislation is to ensure that tax concessions
provided to NFP entities are targeted only at those activities that
directly further the NFP's altruistic purposes. Any activity
pursued by a NFP entity that is deemed to be "unrelated"
business will not be eligible for the tax concessions that the
entity is registered for (including FBT, GST and DGR).
