ATO reconsiders tax exemptions for charities and not-for-profits: draft amendment to taxation ruling 2005/22 and a new version of the GiftPack is released

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The ATO recently released a draft amendment to its public ruling 2005/22 which considers when companies will be income tax exempt under Division 50 of the Income Tax Assessment Act 1997.

The draft amendments to the ruling are a long awaited response to the High Court’s Decision in Federal Commissioner of Taxation v. Word Investments Ltd (2008).

In summary, the Word Investments Ltd case held that an organisation that was conducting business to raise funds for a charity could have a charitable purpose.

Please see full update below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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