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Tax concessions for
not-for-profits
A new working group has been set up to look at ideas for delivering better support to the not-for-profit (NFP) sector through tax concessions.
Assistant Treasurer, Senator Mark Arbib said the Government provided the NFP sector with significant support through a range of tax concessions in recognition of the important role it played in the community.
Senator Arbib said the support included concessions for income tax, fringe benefits tax (FBT) and goods and services tax (GST), as well as deductible gift recipient (DGR) status.
| Working group for more support |
He said the new working group would consider ideas raised at the Tax Forum.
“The Government is committed to supporting the NFP sector, and it is important that that support is as effective as possible,” Senator Arbib said.
“At October’s Tax Forum, there was discussion about whether the current support provided through tax concessions could be better targeted.
“The NFP Sector Tax Concession Working Group will examine the current range of tax concessions and whether there are fairer, simpler and more effective ways of delivering the current envelope of support.”
Minister for Social Inclusion, Mark Butler said the Working Group would also identify offsetting savings from benefits provided to the NFP sector for any proposals that had a budget cost.
“Consultation with the broad and diverse NFP sector will be critical to achieving lasting reform,” Mr Butler said.
“The Working Group will form part of the NFP Sector Reform Council, and will ensure the Government hears the views of the sector on how we can best support it to do its good work.”
He said the Working Group would be chaired by Linda Lavarch, the chair of the NFP Sector Reform Council, and would include a diverse range of representatives from the NFP sector as well as technical experts.
More information is available at this PS News link.
Edition 301, 21 February 2012
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