NOT-FOR-PROFIT TAX CONCESSIONS

As part of the 2012 Federal Budget reforms to tax concessions provided to not-for profit (NFP) organisations are to be introduced such that tax concessions are to be only available for the specific NFP activities of an organisation rather than the organisation as a whole.

The commencement of this new regime has been delayed until 1 July 2014 to allow for further industry consultation. For organisations which operated business activities prior to 10 May 2011 which will be impacted by this change, all tax concessions will still be available until 1 July 2015.

If you currently operate a NFP organisation which receives any tax concessions, please talk with y our CIB contact to discuss the impact of these changes.