The Government has announced several measures that are relevant or may be of interest to non-profit organisations in the 2010-11 Budget. The following information has been extracted from Budget Paper Number 2.
Philanthropy - extending deductible gift recipient status to all volunteer fire brigades and other emergency service entities
'The Government will extend deductible gift recipient (DGR) support to volunteer fire brigades and other volunteer-based and state-recognised emergency service entities, with effect from the date of Royal Assent of the enabling legislation. The measure will also extend DGR status to all of the state government bodies that coordinate volunteer fire brigades and state emergency services.
Brigades and other emergency service entities will be given the opportunity to comment on the measure as part of a public consultation process.'
Philanthropy - improving the regulatory framework for public ancillary funds
'The Government will support and improve public ancillary funds by introducing a new regulatory framework similar to that introduced on 1 October 2009 for private ancillary funds, with effect from 1 July 2011.
The framework will include legislative guidelines governing the establishment and maintenance of the funds, and provide the Commissioner of Taxation with the power to impose administrative penalties on trustees for breaches of the guidelines.
The measure will provide trustees of these funds with greater certainty as to their philanthropic obligations and provide donors and the charitable sector with greater confidence that donations are being used effectively.
Transitional rules will be provided to facilitate transition into the new regime.
The charitable sector will be given the opportunity to comment on the measure as part of a public consultation process.'
Philanthropy - updating the list of specifically listed deductible gift recipients
'Since the Mid-Year Economic and Fiscal Outlook 2009-10, the following organisations have been approved as deductible gift recipients (DGRs):
- Bali Peace Park Association, from 16 December 2009 until 16 December 2011
- Sichuan Earthquake Surviving Children's Education fund, from 12 May 2008 until 12 May 2010
- Xanana Vocational Education Trust, from 21 July 2009 until 31 December 2010
- Yachad Accelerated Learning Project Limited, from 1 July 2009 until 30 June 2012.
- Taxpayers may claim an income tax deduction for certain gifts of money or property to DGRs.'
|
For information about the Non-Profit News Service, including how to subscribe and links to previous articles, see About the Non-Profit News Service.
We encourage your feedback and suggestions for future topics to be covered by the news service. You can do this by:
|
Last Modified: Wednesday, 19 May 2010