Delay on Unrelated Business Income Tax

The Federal Government is to defer the introduction of the proposed rules to tax unrelated business activities of charities, initially announced in the May 2011 Budget. The proposed rules, which were to come into operation from 1 July 2012 are to apply from the following dates:

• 1 July 2014 for unrelated commercial activities commenced after 10 May 2011; and

• 1 July 2015 for unrelated commercial activities commenced before 10 May 2011.

Of course, this may all change after the federal election, so don’t hold your breath!

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