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Not for Profit Organisations
Not for Profit organisations are defined as an organisation
formed for lawful community purposes that is not carried on for the profit or
gain of individual members; and that does not fall within any of the following
criteria:
- Assets with a gross value (before liabilities) exceeding
$1 million or annual gross revenue (before expenses) exceeding $500,000;
or
- Money is charged for services, activities or events,
or prize money is offered (not including membership fees, fund raising or
other costs incurred in pursuing the organisation's main objective); or
- The organisation holds a statutory licence to conduct
commercial activity.
Generally, organisations that have been approved as an Exempt Charitable institution
under Section 457 of the Duties Act 2001 will qualify as a Not for Profit organisation.
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