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The Not for Profit (NFP) industry has been on high alert awaiting the outcomes from the Treasury-appointed NFP Tax Concession Working Group. The Government has not used the Budget to announce any related changes. On one hand, the sector can rest easy knowing that the status quo remains for now.
On the other hand, there is still an air of uncertainty regarding whether changes are still on the way.
Elizabeth Lucas, Tax Partner with leading accounting and advisory firm Grant Thornton Australia and a member of Treasury’s NFP Tax Concession Working Group, says, “With an election looming, it will be interesting to see if NFP tax reform is dealt with any time soon.”
The previously announced deferral of the proposed “unrelated business income tax” was mentioned again in the Budget. “With two deferrals to the start date and still no draft legislation, it’s beginning to look like this will never happen,” said Lucas.
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Grant Thornton Australia provides audit, tax and advisory services to dynamic, growing organisations and is a single national firm, with over 150 Partners, more than 1,200 people across Australia and national turnover of AUD $232 million. Grant Thornton International is the fastest growing international accounting network in the world, with a global turnover of US$3.7 billion and more than 30,000 people, and was recently named 2013 Network of the Year by the International Accounting Bulletin.