The Commonwealth Government is inviting submissions on draft legislation, draft regulations and explanatory materials intended to amend tax laws to restate and centralise the special conditions for tax concession entities.
The government has stated that the former government’s Bill (Tax Laws Amendment (Special Conditions for Not-for-profit Concessions) Bill 2012) has been improved to address concerns raised by the not-for-profit sector.
The progress of these legislative changes is consistent with the government’s announcement on 14 December 2013 that it would restore simplicity and fairness to the Australian tax system.
The proposed legislation is intended to:
- restate the ‘in Australia’ special conditions for income tax exempt entities;
- centralise and simplify the other special conditions entities must meet to be exempt from income tax; and
- codify the ‘in Australia’ special conditions for deductible gift recipients (with some exceptions for particular kinds of entities).
The closing date for submissions is 7 April 2014.
If you have any queries about how the proposed new law may impact on you or would like assistance in making submissions, please contact Carly Ashwood on (07) 3231 2526.