Assistant Commissioner, Jennifer Moltisanti has highlighted planned NFP measures expected in 2022:
Two NFP measures have already received Parliamentary/Treasury approval:
- Enhancing transparency of income tax exemptions for not for profit organisations, self-assessing as income tax exempt
- Deductible Gift Recipients (DGRs) required to register as Charities
A further three measures are in the pipeline with the legislation expected to be introduced in 2022:
- New DGR category – Pastoral Care
- Transfer of four DGR Registers to ATO and ACNC
- Removal of public fund requirement for DGRs.
In addition in 2022, the ATO is resuming the Refund of Franking Credits (REFC) project to streamline the application process and strengthen payment integrity.
To view the ATO article in full, click HERE