The Federal Government delayed the introduction of the 2011-12 Budget measure “Better Targeting of NFP Tax Concessions” until 1 July 2014.
The start date of 1 July 2014 is proposed to apply to activities that commenced after 7:30 pm (AEST) on 10 May 2011. The measure will not impact on tax concessions that were used for these activities prior to 1 July 2014.
As part of transitional arrangement, relevant activities that commenced prior to 7:30pm (AEST) on 10 May 2011 will not become subject to the measure until 1 July 2015. The measure will not impact on tax concessions that were used for these activities prior to 1 July 2015.
“The Government is committed to working closely with the NFP sector to ensure that any taxation or regulatory changes are designed effectively and with a strong focus on the future of the sector and the needs of the community,” Assistant Treasurer, David Bradbury MP said.
“This extension will enable further consultation and engagement with the NFP sector on this measure and ensure there is an opportunity for detailed stakeholder input to be provided.”