Description

Income tax exemptions, donation tax credits, FBT exemption and GST issues

This webinar considers the application of the tax concessions that apply to charities and other not-for-profit bodies, and tax incentives available to persons who make donations to charities and other donee organisations.

Tax issues addressed include the application of the income tax and FBT exemptions to charities and not-for-profit bodies, the application of the so-called mutuality principle to not-for-profit bodies, the tax treatment of reimbursement payments and honorarium payments made to volunteers, and the special GST rules that apply to not-for-profit organisations.

ORIGINAL BROADCAST DATE

21 March 2024

LEARNING OUTCOMES

You will:

• Understand when and how the income tax exemptions (including the business income exemption) apply to registered charities.
• Learn about the income tax consequences of a charity being de-registered, including proposed changes to the deregistration rules.
• Understand how not-for-profit organisations are taxed, including the application of the so-called mutuality principle.
• Learn how the FBT exemptions apply to charitable organisations, including how Inland Revenue interprets those exemptions.
• Understand the special GST rules that apply to not-for-profit bodies, including elections to remove assets from the GST base.
• Know how to treat reimbursements and honorarium payments made to volunteers correctly.
• Learn when donors are entitled to a tax deduction or a tax credit for donations made to charitable organisations.

SUITED TO

Accountants of all levels, in-house accountants, and lawyers who advise charities and other not-for-profit bodies.

PRESENTER

Stephen Tomlinson, Principal, Tomlinson Law.