The Federal Government released its 2011 - 2012 Federal Budget on 10 May 2011.
CTAS has put together a summary of the impact from the Federal Budget on Not for Profit Organisations in Australia in a summary format in the Newsletter available below:
There have been a number of changes outlined in the budget including:
- The establishment of the Australian Charities and Not For Profits Commission (ACNC)
- The announcement of a Statutory definition for the word 'Charity'
- The introduction of more stringent rules for charities running unrelated commercial activities &
- The introduction of a phased in Statutory Value Fraction to calculate the Taxable Value of Motor Vehicle Fringe Benefits for FBT purposes.
We have also released a Motor Vehicles Budget Changes Calculator to assist your organisation work through the FBT changes and their impact. Please follow the link to the Community Salary Packaging website below for access to the online calculator.
FBT 2012 Budget - FBT Motor Vehicle Changes Calculator
CTAS, Community Salary Packaging and Simple Fleet have solutions available to non profit organisations to deal with the phased in FBT Statutory Fraction for motor vehicles. Please see information on our Online Fleet Software and request a trial to see how your non profit organisation can benefit by using comprehensive fleet software to calculate your potential FBT liability!
If you wish to receive future newsletters please also do not hesitate to send us an email to newsletter@ctas.net.au to receive future editions.
For more information about CTAS please download the CTAS Group Services Guide