Non-Profit News Service No. 0333 - Final report on scoping study and exposure draft consultation paper released

On 4 July 2011, the Assistant Treasurer released both:

• the Final report on the scoping study for a national not for profit (NFP) regulator
• the exposure draft consultation paper on restating the 'in Australia' special conditions for tax exempt entities.

Some extracts from the Assistant Treasurer's media release No. 100 are included below:

The final report for the scoping study outlines the views put forward by stakeholders during consultation about the design for the ACNPC [Australian Charities and Not-for-profits Commission] and makes recommendations on the direction of reforms to strengthen the NFP [not-for-profit] sector.

The Government announced in the 2009-10 Budget that it would amend the 'in Australia' special conditions in Division 50 of the Income Tax Assessment Act 1997 to ensure that Parliament retains the ability to fully scrutinise those organisations seeking to pass money to overseas charities and other entities.

The exposure draft also amends the 'in Australia' special conditions as they apply to deductible gift recipients.

Making a submission on the exposure draft

Interested parties are invited to comment on the exposure draft bill and explanatory materials. The closing date for submissions is Friday 12 August 2011.

For information about how to make a submission, refer to the Exposure draft - 'in Australia' special conditions for tax concession entities on the Treasury website.

We previously advised of the non-profit sector reforms, including this new measure, in Non-Profit News Service No. 0325 - 2011-12 Budget: Measures relevant to non-profit organisations.

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: emailing us at npc-publications@ato.gov.au phoning us on 1300 130 248.