Queensland Law Society is still seeking feedback this month 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.
On 18 September 2024, the Senate referred an inquiry into Not-for-profit Entities – Tax Assessments to the Senate Economics References Committee for inquiry and report by 31 October 2024.
The inquiry’s terms of reference particularly refer to the implications of this new requirement for Australia’s not-for-profit community. Feedback will inform a response to the inquiry.
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 the 7 May 2024 article New ATO rules for some NFPs.
Members are invited to send feedback on their clients’ experiences to policy@qls.com.au by Friday 4 October 2024.
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