On 27 May 2011 the Assistant Treasurer released for public consultation a paper entitled “Better targeting of not-for-profit tax concessions”. The paper seeks public views on possible approaches to implement the Government's 2011-2012 Budget announcement to better target NFP tax concessions to the altruistic activities of NFPs.
The Government announced in the 2011-2012 Budget that it will reform the tax concessions provided to NFP entities to ensure they are targeted only at those activities that directly further an NFP’s altruistic purposes.
The consultation paper is intended to provide the NFP sector, the business sector and State and Territory governments with the opportunity to comment on these reforms. In particular, the Treasury is seeking information from the sector on the best way to implement these reforms, and to identify whether there are any unintended consequences.
The closing date for submissions is Friday, 8 July 2011.