Thursday May 2014

UBIT is deadJust weeks before the intended commencement of the “Better Targeting of NFP Tax Concessions” measure, the Acting Assistant Treasurer has issued a press release stating “the Government has considered alternatives to the previous government’s better targeting of not-for-profit tax concessions measure. We have concluded that they are not required at this time”. This news will be welcomed by many charities and not for profit organisations.

The Better Targeting of NFP Tax Concessions, commonly known as the unrelated business income tax (or UBIT), was introduced as part of the 2011-2012 budget and had been delayed for a number of years.


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