Registered non-profit tax definitions clarify donations, related persons, approval, registration, and accreted-income computation for charitable organisations.
Section 355 defines the principal terms governing registered non-profit organisations, including donations, approval, cancellation, registration, commercial activity and related persons. It also codifies residual income, specified assets, specified persons and specified provisions for the separate computation and taxation framework, including accreted income. Related-person rules cover founders, substantial contributors, trustees, specified relatives and concerns with substantial interest, while value includes benefits or facilities provided free or at concessional rates. Charitable or religious purposes include wholly charitable, wholly religious and combined purposes.
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