Published on 01 Oct 12
by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
The charities and not-for-profit (NFP) sector benefits from a range of taxation concessions, but has not been immune from the impetus to tax reform. This article discusses both existing tax concessions, and recent and proposed reforms. The article examines what constitutes an NFP and a charity, and discusses the tax concessions available to charities and NFPs, including income tax exemption, deductible gift recipient (DGR) status, fringe benefits tax exemption, FBT rebate, goods and services tax exemption and rebate, and concessions for state and territory taxes and duties, land rates and water rates.
The article then examines reforms for charities and the NFP sector, including private and public ancillary funds, taxing NFPs for conducting unrelated commercial activities, the Australian Charities and Not-for-profits Commission, the statutory definition of charity, restating and standardising the special conditions for tax concession entities, charitable fundraising regulation reform, and a review of companies limited by guarantee.
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