What Makes a Great Company Secretary? At one of our recent webinars on the Role of the Company Secretary, Kristy Huxtable, Head of Company Secretariat...
Five fatal flaws to avoid in your next board review: 1. A lack of purpose, rather than a lack of talent 1 Ask yourself, why are we doing a board revie...
Legal
Changing ATO Guidance For Sporting Club Income Tax Exempt Status
Taxation Ruling Income tax: exempt sporting clubs (“TR97/22”) is the formal public ruling issued by the Australian Taxation Office (“ATO”) on 3 December 1997 and applies “to sporting organisations seeking to determine whether they are exempt from income tax”. TR97/22 states it “is to assist a club’s office holders to determine whether their club is exempt from income tax”. A club which has a main purpose of sport (or sports) will be exempt from income tax pursuant to section 50-45 Item 9.
Victor Hamit
UPDATED – ATO Putting NFPs to the Test: Two Additional Tests for Income Tax Exemption
The Australian Taxation Office (“ATO”) released the final version of its Taxation Ruling on the two additional tests for income tax exemption for NFPs in TR 2015/1 on 25 February 2015. This article is an updated version of an article published in the Better Boards Newsletter of 9 February 2015, which deals with the predecessor Draft Ruling TR 2014/D5. Read the original article. In June 2013 the then Labor Federal Government amended the Income Tax Assessment Act 1997 (“the Tax Act”) to introduce two additional tests which NFPs need to satisfy for income tax exemption.
ATO Putting NFPs to the Test: Two Additional Tests for Income Tax Exemption
Please note: An updated version of this article that discusses the final version of the Ruling issued on 25 February 2015 as TR 2015/1 Income Tax: special conditions for various entities whose ordinary and statutory income is exempt is now available here. In June 2013 the then Labor Federal Government amended the Income Tax Assessment Act 1997 (“the Tax Act”) to introduce two additional tests which NFPs need to satisfy for income tax exemption.