Charities Commission Update

Charities Commision start date is now 1 October 212 deferred from 1 July 2012.

The "Better Targeting Not-for-Profit Tax Concessions" have been deferred from 1 July 2012.

We gave a summary of this project in our July 2011 newsetter and we quote from that source: -

"The announced aim is to ensure that where an NFP engages in commercial activities unrelated to their altruistic purpose, restrictions will be imposed regarding income tax exempt concessions. The intent is to limit the income tax exemption only to a situation where the profits of a commercial activity are directed to advance the altruistic purpose."