Future of Charities & Tax Business Income Exemption

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Presentation transcript:

Future of Charities & Tax Business Income Exemption Arti Chand arti@actaxlaw.nz www.actaxlaw.nz +64 21 922 718 Future of Charities & Tax Business Income Exemption

Charities: business income Income derived directly or indirectly from a business carried on for: a trust/society/institution established and maintained exclusively for charitable purposes and not for the private pecuniary purpose of any individual; and the trust/society/institution is a tax charity; and it is carrying out charitable purposes in NZ; and controlling persons cannot direct/divert income to the benefit of anyone other than the charity The business must be carried on for charitable purposes.

Charities: business income Why would a charity use this exemption? Funding - need to develop self sufficiency Provide services/products at lower than market Need to partner with commercially driven organisations - on projects that ultimately will further the charitable purpose

Charities: business income 30% of charities have trading activities in NZ (TWG). For example: Commercial property investment; Residential rental property investment; Shops (Op shops, discount shops); Retirement villages; Farming

Charities: business income What amendments/changes are happening now: Trading entity must now also be a registered charity - amendment application from 1 April 2019. Enacted 18 March 2019. Tax Working Group Exemption to apply only to the extent the business income is used for charitable purposes; What about accumulation for necessary reasons? Is the exemption “wrong” - providing an unfair advantage to charities in the commercial sphere?

Charities: business income What is the future? Fundraising/funding issues necessitates commercial trading options; Australia - retained the concession (Henry Report) Other jurisdictions - focus on “related” business, and accumulation of profits In NZ, Charities Services will register fundraising entities as charities. What other changes should we expect?