Now that the dust has settled on the initial flurry of Budget
round-ups, special counsel Justin Byrne and senior associate
Rosalie Cattermole highlight below the salient points of the
Federal Budget which was handed down on Tuesday.
Charities and not-for-profits
The Government has confirmed the delay of the start date for a
previously announced Budget measure to tighten the tax concessions
available to not-for-profit organisations. The effect of the
reforms is that tax concessions provided to not-for-profit
organisations must be targeted only at furthering an
organisation's purpose, being the purpose that is the basis for
the organisation's income tax-exempt status.
Furthermore, the unrelated commercial activity test that
underpins the reforms, will not apply to small scale activities of
$250,000.00 or less recounting income revenue.
