Income tax definitions for non-profit regulation clarify donations, related persons, specified assets and commercial activity.
Definitions establish operative terms for registered non-profit organisations: "anonymous donation" lacks prescribed donor identity records; "donation" is any voluntary contribution received by a registered non-profit organisation; "commercial activity" comprises any trade, business or service for consideration; "related person" includes founders, significant contributors, trustees, relatives and concerns with a substantial interest; "specified person" and "specified asset" identify assets acquired or transferred in specified pre- or post-registration periods; "residual income" is total income before applying this Part less regular and specified income.
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