Articles written by Victor Hamit
Victor Hamit is the Principal Director of Wentworth Lawyers Pty. Ltd., based in Melbourne. He is an experienced lawyer and advisor to the NFP sector on tax issues, particularly for sporting and community clubs. He has represented peak bodies extensively for many years in negotiations and discussions on NFP taxation matters with Government, Treasury and the Australian Taxation Office. In addition, he has extensive Board and Chair experience in substantial NFP and for-profit organisations.
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.
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. Read the updated version. 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.
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