"Better Targeting of Not-For-Profit Tax Concessions" postponed again but end of transitional rules for existing arrangements now advised!
The Government announced, on 31 January2013, that the commencement date of the "Better Targeting of Not-For-Profit Tax Concessions" will, once again, be postponed.
The start date will be postponed from 1 July 2012 to 1 July 2014.
The first consultation paper of the Better Targeting of NFP Tax Concessions was released on 27 May 2011. Click here to view.
We have previously submitted a submission to express our concerns with the proposed changes. Click here to view.
The new proposed commencement date of 1 July 2014 applies to activities that commenced after 7.30pm (AEST) on 10 May 2011. The start date for the transitional arrangements in this measure has now been confirmed to provide exemption to the relevant activities that commenced prior to 7.30pm (AEST) on 10 May 2011 until 1 July 2015.
This publication is issued by Moore Stephens Australia Pty Limited ACN 062 181 846 (Moore Stephens Australia) exclusively for the general information of clients and staff of Moore Stephens Australia and the clients and staff of all affiliated independent accounting firms (and their related service entities) licensed to operate under the name Moore Stephens within Australia (Australian Member). The material contained in this publication is in the nature of general comment and information only and is not advice. The material should not be relied upon. Moore Stephens Australia, any Australian Member, any related entity of those persons, or any of their officers employees or representatives, will not be liable for any loss or damage arising out of or in connection with the material contained in this publication. Copyright © 2011 Moore Stephens Australia Pty Limited. All rights reserved.