A new self-review reporting obligation introduced by the Australian Taxation Office (ATO) for non-charitable not-for-profit (NFP) organisations takes effect from the 2023-24 income year.
If your NFP has an active Australian Business Number (ABN), you must lodge an annual NFP self-review return to self-assess your income tax exemption status under one of eight specified categories.
The first self-review return is due by 31 October 2024, or after the end of your reporting year if you have an approved substituted accounting period.
Most NFPs will likely confirm their income tax exemption through this self-assessment. However, some may find they are taxable for the first time.
The NDA team is here to assist our clients through this process, and we will contact you with further details.
