Login
iscover
Not-for-profit entities will soon have to disclose why they should be exempt from income tax as the government turns to the ATO for greater oversight over the sector.
ATO handed mandate to police not-for-profits
11 May 2021
•
4 minute read
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.
You’re out of free articles for this month
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
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.
You need to be a member to post comments. Become a member for free today!
