There are new reporting requirements for self-assessing income tax exempt, non-charitable, not-for-profits (NFPs) that come into effect from 1 July 2024.
There are new reporting requirements for self-assessing income tax exempt, non-charitable, not-for-profits (NFPs) that come into effect from 1 July 2024.
ABN registered non-charitable NFPs will need to lodge an annual NFP self-review return confirming income tax exemption status. The new requirements are a change, but are not as daunting or complex as they appear once an organisation understands its obligations. Read the fact sheet.
For additional support, the Australian Tax Office (ATO) runs a NFP newsroom, which is a free subscription monthly newsletter service. This contains useful information for NFPs and has been focussing heavily on the new reporting requirements in recent months. Subscribe now.
A recently recorded webinar that steps through how to lodge and provides an overview can also be accessed online.
The ATO can also provide tailored support by hosting a webinar or online meeting if there is interest from groups in the community. These are a good way to deliver key messages and provide an opportunity for people to ask questions. If your organisation is interested in this type of engagement, get in touch with us and we will forward your request to the NFP Centre.
The 2023/24 NFP self-review return must be lodged between 1 July and 31 October 2024, so you are encouraged to commence the review process sooner rather than later and seek assistance if needed. The ATO’s priority NFP Advice Service can be reached on 1300 130 248. A further great source of information and support is Justice Connect’s NFP Law program.