Extended start date for the 2011-12 Budget measure to better target not-for-profit tax concessions
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After extensive consultation with the not-for-profit (NFP)
sector, the Government announced yesterday that it would extend the
start date for the 2011‑12 Budget measure to better target
NFP tax concessions from 1 July 2011 to 1 July 2012.
The Assistant Treasurer, David Bradbury, and Minister for Social
Inclusion, Mark Butler, said they have been in close consultation
with representatives from the NFP sector and the NFP Sector Reform
Council and have heard the feedback from the sector about the need
for more consultation.
This extension of the start date of the measure will provide for
additional time for consultation and will reduce the uncertainty
for those in the sector who have commenced commercial activities
since the 2011-12 Budget that may be caught by the measure.
The extended start date of 1 July 2012 will only apply to new
unrelated commercial activities that commenced after 7:30 pm (AEST)
on 10 May 2011. Existing unrelated commercial activities that
commenced prior to that date will continue to be covered by
transitional arrangements as announced in the 2011-12 Budget.
The Government is committed to further consultation with the NFP
sector on this measure.
The announcement by the Assistant Treasurer, David Bradbury MP
and Minister for Social Inclusion, Mark Butler MP can be found
Questions about the new start date can be directed to NFPReform@treasury.gov.au.
Further information on this measure and upcoming consultation
arrangements will be included in the upcoming edition of Treasury's
Not-for-profit Newsletter, which is expected to be released in the
coming weeks, and will be available upon release at http://www.treasury.gov.au/home.asp?ContentID=521