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ARTICLE · 09 FEBRUARY 2013

UBIT start date deferred … again!!

Makinson d'Apice Lawyers
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The Government has announced that the budget measure "Better Targeting of NFP Tax Concessions" will now commence in 2014.

AustraliaCorporate/Commercial Law
Anna Lewis
Anna Lewis
Bill D'Apice
Bill D'Apice

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).

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