Queensland Law Society is seeking feedback from members about their not-for-profit (NFP) client experiences with the new Australian Taxation Office (ATO) requirements for self-assessment of income tax exempt status.
The new ATO requirements mean that certain non-charitable not-for-profit entities that self-assess as income tax exempt must lodge an annual NFP self-review return from 1 July 2023 to confirm their eligibility to self-assess as income tax exempt.
More information about the changes is available in 7 May 2024 article New ATO rules for some NFPs.
Members are invited to send feedback on their clients’ experiences with the requirements to policy@qls.com.au.
This will inform further discussions with the ATO about guidance materials to support legal advisors and the NFP sector to complete the self-review returns.
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