Supplementary Explanatory Memorandum(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)
General outline and financial impact
These amendments change the start date of the measure to require charities, public benevolent institutions and health promotion charities to be endorsed to access relevant tax concessions from 1 July 2004 to 1 July 2005.
Date of effect: 1 July 2005.
Proposal announced: 2004-2005 Budget and in the Treasurer's Press Release No. 31 of 11 May 2004.
Financial impact: The measure implementing the Government's response to the Report of the Inquiry into the Definition of Charities and Related Organisations involves a revenue cost of $3 million in 2004-2005.
Compliance cost impact: The change in the date of effect will ensure that charities have more time to comply with the proposed endorsement arrangements.