New Tax Measures for Charities from the Australian Government 2005

The Australian Tax Office has introduced or is proposing to introduce new laws for charitable organisations.

From 1 July 2005 new endorsement arrangements begin. Charities will need to be endorsed by the Tax Office in order to access income tax, fringe benefits tax (FBT) and goods and service tax (GST) charity concessions.

Currently, charities only need to be endorsed to access income tax concessions.

There is also a Tax Laws Amendment Bill 2005 which has been passed by the Senate and is awaiting Royal assent.

It introduces a number of amendments to increase flexibility for charitable funds and prescribed private funds

It also amends the Fringe Benefits Tax Assessment Act 1986 to correct an anomaly relating to FBT rebatable employer status.

Follow this link to the ATO website for information on tax measures for non-profit organisations (opens in a new browser window)

For further information

Contact

:

Australian Taxation Office

WWW

:

http://www.ato.gov.au