UBIT start date deferred to 1 July 2014 (and 1 July 2015 for pre 10 May 2011 activities)

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The Government has announced that the start date for the 2011-12 Budget measure to better target NFP tax concessions (which is really an Unrelated Business Income Tax / UBIT) has been deferred from 1 July 2011 to 1 July 2014.

Form the 31 January 2013 announcement:

The start date of 1 July 2014 is proposed to apply to activities that commenced after 7:30 pm (AEST) on 10 May 2011. The measure will not impact on tax concessions that were used for these activities prior to 1 July 2014.

As part of transitional arrangements, relevant activities that commenced prior to 7:30 pm (AEST) on 10 May 2011 will not become subject to the measure until 1 July 2015. The measure will not impact on tax concessions that were used for these activities prior to 1 July 2015.

If you have a query about the UBIT start date, contact us

Contact our Business Development Team for an appointment with our Brisbane Not for Profit and Charity lawyers. Call (07) 3252 0011.