The Not-for-profit Sector Tax Concession Working Group has released a consultation paper on tax concessions for the not-for-profit (NFP) sector. The Working Group is seeking feedback on how tax concessions for the NFP sector could be made fairer, simpler and more effective.
In the paper, the Working Group considers the history and current status of tax concessions for the NFP sector and seeks the views of the sector and the broader community on a number of reform options. The reform options canvassed in the discussion paper have been put forward merely to gather information that will assist the Working Group to evaluate each option. Issues covered include: income tax exemption and refundable franking credits; deductible gift recipients; FBT concessions; GST concessions; and mutuality, clubs and societies.
Over the next 6 months, the Working Group will consider submissions made in response to this discussion paper and conduct targeted consultation with interested stakeholders. These consultation activities will assist to shape the Working Group’s final report to the Government in March 2013.
COMMENTS are due by 17 December 2012.
[LTN 214, 5/11]