Purpose and Objectives
This policy outlines how our company manages and complies with the relevant income tax laws and regulations.
Policy Scope/Coverage
This Policy applies to our company as a parent, excluding controlled entities.
Policy Statement
Our company Income Tax policy is guided by provisions outlined in:
- Income Tax Assessment Act 1936
- Income Tax Assessment Act 1997
- A New Tax System (Australian Business Number) Act 1999
- A New Tax System (Pay As You Go) Act 1999
- Payroll Tax Act (QLD) 1971
- Queensland Financial Accountability Act 2009
- Australian Accounting Standards:
- AASB 101 Presentation of Financial Statements
- AASB 112 Income Taxes
Our company’s Tax Status
Legal Name:
ABN Status: 63 942 912 684
Registered from: 1 Nov 1999
Entity Type: Unincorporated Entity, Statutory body
Income Tax Status: Income tax exempt
Payroll Tax Status: Subject to payroll tax [Not exempt]
Charity/Fund Type: Charitable Institution
DGR Status: Endorsed DGR*
*As an endorsed DGR, the law provides that a donor may be eligible to claim a tax deduction for an amount exceeding $2 provided certain conditions of the gift/donation are met.
Roles and Responsibilities
Reporting
Our company complies with the relevant reporting standards when reporting the consolidated tax amount. Each controlled entity is responsible for applying the relevant taxation measurement and recognition criteria to be included in Company’s Annual Report according to applicable Australian Accounting Standards.