Income Tax - Policy

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1. Purpose and Objectives

This policy outlines how the University manages and complies with the relevant income tax laws and regulations.

2. Definitions, Terms, Acronyms

Charitable Institution - an institution established and operated to advance or promote a charitable purpose.

DGR - Deductible Gift Recipient

3. Policy Scope/Coverage

This Policy applies to the University as a parent, excluding controlled entities.

4. Policy Statement

The University of Queensland 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

5. University’s Tax Status

Legal Name

The University of Queensland

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.

6. Roles and Responsibilities

The University (parent) is exempt from paying income tax in Australia. The tax statuses of the controlled entities are assessed and determined separately for each entity. The Boards of each controlled entity are responsible for determining the entity's tax status and for ensuring its compliance with the relevant taxation legislative requirements.

The HR Division of the University is responsible for the University’s compliance with the relevant state Payroll Tax legislative requirements, calculation, payment, and reporting of payroll tax liabilities to the ATO.

The Taxation unit of FBS is responsible for the University's compliance with the relevant income tax legislative requirements applicable to the University as an organisation.

The Taxation unit of FBS is not responsible for providing advice pertinent to an individual's (employee, student, contractor etc.) income tax matters.

7. Reporting

The University 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 the University’s Annual Report according to applicable Australian Accounting Standards.

Chief Financial Officer Mr Andrew Flannery
Chief Financial Officer Mr Andrew Flannery