Minimum proportion of profits to be expended on Category 1 projects and services
1 Minimum proportion of profits to be expended on Category 1 projects and services
Of the funds claimed by a registered club to have been applied to community development and support—
amounts of not less than 0.75% of prescribed profits (within the meaning of section 17) must have been applied to Category 1 projects and services that comprise community welfare and social services, community development, community health services and employment assistance activities, and
the balance may be applied to Category 2 projects and services.
Note.
The effect of section 17 (2) of the Act and this clause is that a registered club may not claim a tax rebate for amounts applied to Category 2 projects and services that exceed 1.1% of the prescribed profits of the club.
This Act’s bill:Explanatory memorandumSecond reading speech
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