Registered non-profit organisation definitions establish a consolidated framework for registration, donations, related persons, assets, and accreted-income taxation. Section 355 creates a consolidated definitional framework for registered non-profit organisations and accreted-income taxation. It separately defines ... Summary
Registered non-profit organisation definitions establish a consolidated framework for registration, donations, related persons, assets, and accreted-income taxation.
Section 355 creates a consolidated definitional framework for registered non-profit organisations and accreted-income taxation. It separately defines donations, anonymous donations, approval, cancellation, registration, commercial activity, related persons, substantial interest, value, residual income, specified assets, specified persons and specified provisions. The regime treats cancellation as including withdrawal, applies relationship and benefit tests to related persons, and defines residual income for separate computation. Specified person status depends on registration at any time since incorporation or creation, while specified assets include assets linked to specified income, pre-registration periods and dissolution transfers.
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