Tax concessions for Not-For-Profits
Goods and Services Tax reporting and Fringe Benefits Tax concessions vary for NFPs. Hopscotch Accounting works with NFP client to ensure that they are on top of reporting requirements and associated tax concessions.
Goods and services tax concessions
A NFP may not only be able to claim a GST credit for the GST included on goods and services that have been purchased, more importantly there are a range of other concessions available such as higher registration thresholds and exemption for fundraising events.
Fringe benefits tax rebates
If your organisation is a registered charity or other type of NFP, it may qualify for the FBT rebate or FBT exemption on non-cash benefits provided to employees. For example, a work car or a mobile phone.
Deductible gift recipient (DGR) status
Generally charities can apply for deductible gift recipient (DGR) status which gives them the benefit of being able to raise donations and allow their donors to claim a tax deduction. It’s important to remember that in most cases you will need to be registered with the ACNC before applying for DGR status.
Tax concessions from state, territory and local governments
There are a number of different tax concessions available to charities from state, territory and local governments. These include taxes such as stamp duty (a tax on some financial and property transactions), payroll tax (a tax on wages that exceed a certain threshold paid by employers) and land tax (a tax on landowners).
Get in touch with us to find out more.