Not for Profit Articles
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.
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.