The ATO has an obligation to the Australian community to ensure not-for-profit (NFP) organisations understand and participate in the tax and super systems, including their entitlement to tax concessions. The ATO supports those who do the right thing and is committed to help organisations to meet their tax obligations.
The ATO has published information on the behaviours, characteristics and tax issues of NFP organisations that will attract the attention of the ATO, in relation to:
• Operating for purpose
• Private ancillary funds
• Self-assessment for income tax exemption
• Refund of franking credits
• Taxable not for profit entities
To view the ATO information in detail, click here.