The ATO has released further details of reforms to the administration of not-for-profit entities that self-assess as income tax exempt. From 1 July 2023, not-for-profit organisations with an active ABN that self-assess as income tax exempt will be required to lodge an annual self-review return with the ATO.
Visit the ATO’s new webpage for an updated summary of the changes and to find out how your organisation can get ready for the changes, including completing a self-assessment, updating contact details, and getting digital ready. Read more https://www.ato.gov.au/General/New-legislation/In-detail/Other-topics/Not-for-profit/Enhancing-the-Transparency-and-Integrity-of-Not-for-Profits/#msdynttrid=xTeY_I5AtbZV7jfJMmfL5zOwX3wEqynhdbLmF-1SplA