Treasury has released a revised exposure draft for restating and standardising the special conditions for tax concession entities (including the ‘in Australia’ conditions) and an explanatory Fact Sheet.
Following considerations of the submissions received, changes have been made to the exposure draft and explanatory materials.
The exposure draft ensures that:
• income tax exempt entities generally must be operated principally in Australia and for the broad benefit of the Australian community; and
• deductible gift recipients generally must be operated solely in Australia and for the broad benefit of the Australian community.
Consultation closes Friday 11 May 2012.