From 1 July 2023, non-charitable not-for-profits (NFPs) with an active Australian Business Number will be required to provide information to the ATO on how they have self-assessed their eligibility for income tax exemptions.
NFPs can currently self-assess their eligibility for income tax exemptions without an obligation to report to the Tax Office.
As part of the federal budget, the ATO will now receive an additional $1.9 million to build a new online system to allow NFPs to submit online annual self-review forms with the information they ordinarily use to self-assess their eligibility for the exemption.
The government believes the measure will ensure that only eligible NFPs are accessing income tax exemptions.
More to come.
Are you thinking of expanding your offering into SMSFs to grow your client base? Become a pro at SMSF fundamentals and make your clients bulletproof with the SMSF Foundations course. Learn directly from Aaron Dunn from Smarter SMSF as he deep-dives into the fundamentals you need to know to successfully undertake your work as an SMSF practitioner. Earn up to 21 CPD hours! Learn more
Jotham Lian
Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.
You can email Jotham at: This email address is being protected from spambots. You need JavaScript enabled to view it.
TRENDING
