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01/07/2007 | Federal Budget changes affecting NFPThe Government annouced several proposed changes in the recent Federal Budget which affect not for profit organisations, and these include:
• From 1 July 2007 the annual turnover threshold for
registration for GST for a not for profit body will
increase from $100,000 to $150,000. This means
non-profit bodies currently registered for GST and
which have an annual turnover between $100,000
and $150,000 will no longer be required to register
for GST.
• The bodies who voluntarily register for GST will have
the option of remitting GST annually, rather than
quarterly or monthly.
• From 1 July 2007, businesses will also be able to
claim input tax credits without an approved tax
invoice for expenses of $75 or less (GST inclusive).
This is an increase from the current GST exclusive
value of $50 and will also reduce compliance costs.
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