Home > Regions > Asia Pacific > New special conditions for charity and not-for-profit tax concessions

New special conditions for charity and not-for-profit tax concessions

On 17 April 2012, the Assistant Treasurer released a revised exposure draft on the special conditions applicable to tax concession entities including the ‘in Australia’ requirement and the definition of ‘not-for-profit’. The changes affect the requirements and criteria to be met to qualify for income tax exemptions in Australia by charities and not-for-profits which have any overseas activities.

The revisions are the result of consultations on the initial exposure draft released in July 2011 (see our update here).

The draft legislation is expected to be introduced into Parliament in mid-2012. More…