Starting July 1st, 2024, non-profit organisations (NFPs) in Australia with an ABN, but not recognised as charitable (such as sporting
clubs or business groups), must annually submit a NFP self-review return to the ATO to confirm their tax exemption status. This
process involves three main sections. Here's a step-by-step on how to manage the process:
1. Organisational Detail:
Provide basic information including the organisation's name, ABN,
address, and contact details. You must also estimate the organisation's gross revenue as 'small', 'medium', or 'large'. 2. Eligibility
Assessment:
2. Answer questions to establish if your organisation qualifies for tax exemption based on its activities and objectives:
3. Summary and Declaration:
Summarise the responses and confirm their accuracy to declare the
organisation’s status, whether 'income tax exempt' or 'taxable.' For those exempt, acknowledge the status and submit the return.
Need help to prepare your not-for-profit annual return? Reach out to our team for assistance.
The headlines say negative gearing is "gone." For most investors, that is not what the new law does.
From 1 July 2027, the 50% CGT discount will be replaced — for individuals, trusts and partnerships — by two mechanisms working together: indexation of the asset's cost base, and a minimum 30% tax on the resulting net gain.
