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Not for Profit Articles

ATO NFP Self-Review Return – Recent updates

Non-charitable not-for-profit organisations that self-assess as income tax exempt are now required to lodge an annual self-review return with the ATO.

Not-for-profit ATO self-review returns

From the 2023/2024 tax year, certain charitable not-for-profits with active ABNs will need to provide information about their income tax status to the ATO via a self-review return.

Giving back through structured giving

Australia is a giving country, and as opportunities for increasing our financial giving abound over the next 20 years, structured giving provides a vehicle to do so.

Changes to Associations Incorporation Reform Regulations

The Associations Incorporation Reform Regulations 2023 came into effect in November 2023 and brought with it some changes to some reporting requirements.

What is a School?

The ATO's definition of a 'school' has been shaken up by a recent Federal Court decision.

Is your Not-for-Profit income tax exempt?

Although not-for-profit organisations are generally set up for charitable purposes, not all are 'charities' according to the ATO, and may not be eligible for income tax exemptions.

Fixing Fundraising

For decades, there have been calls to reduce the red-tape burden that fundraising requirements place on charities - there is now progress on this front.

Up For Discussion: New Tier 3 Reporting Framework for Not-for-profits

The removal of Special Purpose Financial Statements has already happened for many for-profit organisations, and is now a step closer for not-for-profit organisations.

New Reporting Requirement For Not-For-Profits

From 1 July 2023, non-charitable not-for-profits with active ABNs will be required to lodge an annual self-review to access income tax exemption.

Fringe Benefits and religious practitioners – new ATO examples

The ATO has recently added some new examples on its website to help explain the requirements for exempt fringe benefits provided to religious practitioners.

Disclosing Key Management Personnel Remuneration

For the 2022 and future ACNC Annual Information Statements, large charities will be required to report remuneration of key management on an aggregated basis in their financial statements.