Computation of total income for non-profit organisations: aggregates permitted welfare activity receipts and financial asset transfer income.

Clause 88 provides that the total income of a non-profit organisation comprises income from permitted welfare activities and income from transfer of investment financial assets, subject to the Chapter. Income from permitted welfare activities equals gross receipts for the financial year less outgoings, calculated on the cash system of accounting. Income from transfers of investment financial assets is computed under the statutory provisions applicable to such income.

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