CommSec Chief Economist Craig James gives a snapshot of this year’s Federal Budget and how it will affect the not-for-profit sector.
Measures affecting the not-for-profit sector
Key highlights affecting the not-for-profit sector include:
- Capping ‘meal entertainment’ benefits in not-for-profit sector at $5,000 from April 2016
- Jobs & Small Business Package with tax lowered by 1.5% for small businesses with annual turnover under $2 million
- Small Business tax cut & write-off of $20,000 of assets
- National Work Experience Programme
- Family package – early childhood education
- Expenses under the arts and cultural heritage sub-function are estimated to decrease by 17.4 per cent over the period 2015-16 to 2018-19
- Expenses under the sport and recreation sub-function are estimated to decrease by 19.1 per cent in real terms over the period 2015-16 to 2018-19
- Expenses under the national estate and parks sub-function are estimated to decrease by 14.4 per cent in real terms over the period 2015-16 to 2018-19
Things to know before you Can
This article is intended to provide general information only and does not take into account your individual objectives, financial situation or needs. The Budget measures are, at this stage, announcements and may change before they become law. You should seek independent, professional tax advice before making any decision based on this information.