In case you missed it, we recently delivered an insightful webinar explaining the significant tax reform changes for not-for-profit (NFP)
organisations.
ATO Assistant Commissioner Jennifer Moltisanti shared her advice and guidance on the topic in great detail. We discussed the key concerns
surrounding the changes, providing guidance and answers to some of those tricky questions.
The popular webinar covered many of these areas of focus which have caused some confusion among organisation members. We’ve created a
quick round up covering some of the key tips and information to help NFP organisations feel prepared through this transitional time.
These are some simple steps that NFPs can take to achieve higher assurance and preparedness for this tax time.
Keeping Good Records
Risks Communicated to Market
Significant Transactions with a Tax or Superannuation Impact
Accounting and Tax Results
These are some of the new reporting requirements and how they will work under the new tax reform changes this tax time.
New Annual Self-Review Return
How Does it Work?
The questions guide NFPs to consider purpose and activities against specific eligibility requirements of an income tax-exempt entity. This will assist NFPs to determine the basis for which to self-assess as income tax-exempt and report this to the ATO. The self-review guide is available on ato.gov.au
Get in touch today to see how we can provide the guidance and knowledge to help your NFP organisation through these changes with confidence and efficiency.
The Fair Work Legislation Amendment (Closing Loopholes No 2) came into effect on 26 February 2024. The new legislation introduces new rules and changes some existing laws, including the Fair Work Act 2009 and comes into effect at various times between now and 2025.