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Charities and not-for-profits
Published on 01 Feb 22 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
This chapter of the Case for Change paper considers challenges faced by not-for-profits (NFPs) in tax treatment and administration at the state and federal levels. It points to the inconsistency in definitions, the different legislative (both tax and non-tax) regimes that charities are faced with: will income tax exemption be available; which government agencies must they apply to first; will GST concessions apply; can FBT concessions be offered to employees (and should they); what payroll tax, land tax or stamp duty concession might be available; and how much change is required to the same reports and financial statements for the different reporting regimes? It is posited, and many commissioned reports have similarly concluded, that the complexity of the regulatory environment for NFPs is disproportionate to the level of compliance and willingness to comply shown by the sector.
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THE TAX INSTITUTE
The Tax Institute is Australia's leading professional association and educator in tax, with offices in most major cities. Focusing solely on tax, the Institute provides the best resources, education and networks. Our mission is to equip tax professionals with everything they need to demonstrate the highest level of expertise and increase the advancement of public knowledge and understanding. We are also committed to propelling members into the future and onto the global stage with the introduction of the Chartered Tax Adviser designation.
The Tax Institute is Australia's leading professional association and educator in tax providing the best resources, professional development and networks.