News: NFP Tax Concessions Extended for Another Year
2 April 2012
The Federal Government has extended the commencement date for Not For Profit tax concessions that were announced in the 2011 – 2012 Federal Budget.
The tax concessions were due to begin on 1 July 2011 and will now start on 1 July 2012.
The new start date of 1 July 2012 will only apply to new unrelated commercial activities that commenced after 7:30 pm (AEST) on 10 May 2011. 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.
The extension was announced by the Assistant Treasurer, David Bradbury, and the Minister for Social Inclusion, Mark Butler, who said that the government was listening to comments from the Not For Profit sector about the need for more time for consultation as the government’s reforms are implemented.
If you have any questions relating to the Not For Profit tax concessions, please do not hesitate to contat Jonathan Casson, who heads up our Not Fot Profit group.
Jonathan Casson
Partner
T: +61 2 9390 8316
E: jonathan.casson@holmanwebb.com.au