In response to the Australian Charities and Not-for-Profits Commission Legislation Review in 2018, the Government sought to strengthen administration of not-for-profits. As part of the 2021-22 Federal Budget, the Government announced ‘Enhancing the transparency of income tax exemptions’ reform.
This means that from the 2023-24 financial year, self-assessing income tax exempt not-for-profits with an active ABN will be required to submit an online annual return, using information they currently use to assess their eligibility.
As the system design is developed between 2022 and 2024, the ATO will continue to engage the sector to validate and test key elements of the annual self-review return.
To view further information from the ATO, click HERE
To view further detail about the ATO consultation process, click HERE
To view further information on the current self-assessment process, click HERE
