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.
For many associations and not-for-profit organisations, annual conferences or events are a highlight of the year. These gatherings provide a platform for members to connect, learn, and share ideas. Volunteers' contributions are often indispensable to ensure these events run smoothly.
What critical actions are required by all new potential members wishing to join your association, not for profit organisation or charity?
The Queensland Government's Made in Queensland program expansion represents a significant opportunity for associations whose members operate within or contribute to the manufacturing sector. This initiative aligns with the state's broader objectives to bolster local manufacturing capabilities, foster innovation, and attract new businesses, ensuring Queensland remains a competitive and thriving industrial hub.