Later start date for not-for-profit tax concessions
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The start date of 1 July 2014 is proposed to apply to not-for-profit (NFP) organisations’ activities that commenced after 7:30pm (AEST) on 10 May 2011. The measure will not impact on tax concessions that were used for these activities prior to 1 July 2014.
“The Government is committed to working closely with the NFP sector to ensure that any taxation or regulatory changes are designed effectively and with a strong focus on the future of the sector and the needs of the community,” says Assistant Treasurer David Bradbury MP.
“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.”
Minister for Social Inclusion Mark Butler MP says the government plans to continue to work collaboratively with NFPs to deliver reforms that strengthen and grow the NFP sector.
“The NFP sector is a vital part of our community and the Gillard Government wants to support the important work they do right across Australia,” says Butler.
