The government has announced a lodgment penalty amnesty program for small businesses to encourage them to re-engage with the tax system and get their obligations up-to-date. The amnesty applies to overdue income tax returns, business activity statements and fringe benefits tax returns that were due between 1 December 2019 and 28 February 2022. If eligible overdue forms are lodged between…

The 2023 Not-for-profit Treasurers’ Awards are designed to recognise the contribution that not-for-profit treasurers make to their community groups, to the not-for-profit sector and to Australian society. This year, you can take part in the Not-for-profit Treasurers’ Awards in one of two ways: Nominate anyone who has served as a treasurer of an Australian not-for-profit organisation at any time in…

The Centre for Social Impact at Flinders University has launched the state’s first tertiary offering for social impact education, opening the door for South Australians seeking a career with purpose, to help tackle the pressing social issues of our time. With growing demand among not-for-profits, businesses and governments for professionals who can lead on social challenges, opportunities to enroll in…

It’s a commonly held myth that all not-for-profits are automatically exempt from income tax. This is incorrect. Income tax exemption for not-for-profits is not an automatic entitlement and not all not-for-profits qualify. Organisations with a charitable purpose must be registered with the Australian Charities and Not-for-profits Commission (ACNC) and endorsed by the ATO in order to access Commonwealth tax concessions.…

On 2 June 2023 the Fair Work Commission (FWC) announced a 5.75% increase to the National Minimum Wage (NMW), effective 1 July 2023. This equates to a full time adult minimum weekly rate of $882.80 and an hourly rate of $23.23. To view further information from Fair Work Australia, click here. To download the applicable award payguide, click here.

1. From 1 July 2023, the superannuation guarantee percentage rate will increase from 10.5% to 11%. The new rate will apply to payroll payments made to employees on or after 1 July 2023, even if some or all of the pay period is before 1 July. 2. It was recently announced that from 1 July 2026, employers will be required…

From the 2023 Annual Information Statement onwards, all charities (except Basic Religious Charities) are required to report on their related party transactions through the Annual Information Statement. Reporting requirements for related party transactions differ according to charity size. A related party transaction is a transfer of resources, services, or obligations between related parties. It does not have to include financial…

The changes will only affect your charity if it is campaigning, receiving donations or making donations on referendum matters and the amount is $15,200 or more. This will apply to the upcoming referendum on an Indigenous Voice to Parliament. The Australian Electoral Commission oversees this change, and has published guidance on its website about the referendum disclosure scheme. Charity governing…

The Australian Charities and Not-for-profits Commission (ACNC) has notified more than 1,100 charities they risk losing registration because they have repeatedly failed to meet their reporting obligations. To retain registration all charities must submit an Annual Information Statement (AIS) and over 1,100 charities have failed to submit two or more statements. It is likely that many of them are not…

From July 2023, PAYG withholding labels W1 and W2 will be prefilled in ATO online services using the information reported through STP. Prefill will be made available from the: July 2023 activity statement for monthly PAYG withholders September 2023 activity statement for quarterly PAYG withholders. You’ll only need to change prefilled amounts if they don’t match your records. From July…