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Published on 12 Aug 2004
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Since 1999 the not for profit sector has also experienced a high level of review by both Commonwealth and State revenue authorities resulting in significant changes. Most recently, a raft of new measures was introduced into Commonwealth legislation including a statutory extension to the common law meaning of charity. If your client is a not for profit these materials are a must.
- ITEC and DGR endorsement procedures
- the statutory extension of the common law meaning of 'charity'
- the new endorsement arrangements for charities seeking income tax, FBT and GST concessions
- changes to GST and not for profits
- changes to the testamentary and other deductible gift rules
- cash donations and the five year deduction carry forward rules
- review of the various WA State tax exemptions including stamp duty, land tax, motor vehicle, payroll, rates and fire services levy.
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This paper canvasses some of the lesser known taxes and issues that practitioners may be called upon to address for our not for profit clients, namely Fringe Benefits Tax, Goods and Services Tax, and various WA State tax exemptions including stamp duty, land tax, payroll tax, debits tax and the Emergency Services Levy. It concludes with some observations about ATO audit activity proposed for the not-for-profit sector, and a brief comment on the implementation of International Financial Reporting Standards.
This paper deals with the income tax considerations for the not-for-profit sector. Practitioners should consider the appropriate legal structure and a range of legislation and material outside the income tax legislation, e.g. the various statutes governing trustees, charitable trusts and charitable fundraising.
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