Government Cuts Tax Benefits in Budget 2024–2025 for Educational Institutions
In order to guard against possible abuse by other universities and colleges, the federal government has suggested limiting the tax credit to 80% for educational institutions that are non-profit organisations (NPOs) in the upcoming budget 2024-2025.
Sources claim that a cap of 80% on the tax credit is being considered for non-profit organisations that operate schools and collect tuition from students. This is to prevent educational institutions from abusing tax credits.
Currently, educational institutions operated by nonprofit organisations (NPOs) are eligible for a 100% tax credit.
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