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Charities and NFPs: Tax concessions and reform

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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Yat To LEE
Current at 06 March 2014 Click here to expand/collapse more articles by Yat To LEE.
 

 

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