Not for profit tax concessions submission
Vision 2020 Australia recently submitted a response on behalf of the sector to the Australian Government’s discussion paper Re:Think: Better tax, better Australia that specifically targets tax concessions currently available to the not for profit (NFP) sector.
Current tax concessions allow the NFP sector to function effectively and attract and retain high calibre staff.
The submission opposes the changes announced in the 2015-16 Federal Budget that will impose a limit on meal and entertainment tax concessions for NFP staff, and also argues against changes to the income tax and GST concessions afforded to the NFP sector.
Vision 2020 Australia also recommends that capped fringe benefits tax concessions should be indexed annually according to the consumer price index and advocates for the introduction of a lower marginal tax rate for NFP employees in exchange for the removal of all other tax concession benefits they receive to simplify administration associated with processing tax concessions. The submission also suggests that grossed up fringe benefits tax concession thresholds are replaced by these thresholds becoming tax-free payments.
The full submission is available for download from the Resources section of this website.Back to News