What All Associations Need to Know About the 2023 Changes to Income Tax Exemptions
Date: 23 Nov 2022, 12:00pm - 1:00pm (GMT+10:00) Melbourne
Understanding the rules around income tax exemption as a not-for-profit can be confusing at the best of times—let alone in the face of significant changes that come into effect in 2023. Perfect for association and not-for-profit Treasurers, CEOs, bookkeepers and accountants, this webinar is a great opportunity to ask questions and complete your own self-review. New ATO income tax reporting requirements come into effect in 2023, impacting up to 140,000 not-for-profits and associations.
Is yours one of them?
From 1 July 2023, not-for-profits (other than charities) and not for profits with an active Australian Business Number (ABN) will be required to lodge an annual self-review return to access an income tax exemption. I
If a return is not lodged, not-for-profits may become ineligible for an income tax exemption and penalties may apply.
In this upcoming AES webinar, tune in to hear ATO not-for-profit experts as they walk us through the process required to lodge an annual self-review return.
The session will cover where to access eligibility information, how to carry out a self-review and when not-for-profits need to complete one.
Learning Outcomes At the conclusion of the webinar you will:
• Understand how to determine if your not-for-profit is exempt from income tax—not all not-for-profits are automatically income tax exempt.
• Understand what your not-for-profit needs to do, depending on its purpose.
There are three pathways:
- ACNC registration and ATO endorsement for not-for-profits with a charitable purpose
- Self-reviewed income tax exemption for non-charitable not-for-profits who meet the criteria;
- Lodging tax returns (or advising a return is not necessary).
Know where to access information about eligibility criteria used to self-review income tax exemption.
Know how to complete the self-review process to determine or review eligibility for income tax exemption.