Not for Profit (Non Profit) Reform – 2011 Federal Budget

Last night’s Federal Budget announced a number of significant intended changes to the Non profit (Not-for-Profit)  regulation landscape in Australia.

The changes announced in the budget last night are:

1. The establishment of a Charities Commission to be the new gatekeeper for tax concessions rtaher than the ATO;
2. The adoption of a statutory definition of “Charity” in place of the meaning being derived from hundreds of years of case law;
3. The taxation of the unrelated commercial activities or business enterprises of Charities.

We have written about these proposed changes in our Legal Resource Centre:

– Not for Profit Reforms – 2011 Federal Budget

– Federal Government to move to shut the “Word Investments” gate and tax charities on unrelated business income

More information: www.corneyandlind.com.au