On Apr. 5, AST Tax guided on filing new annual self-review returns.
AST Tax reminded that, from Jul. 1, 2024, non-charitable not-for-profits (NFPs) will be required to lodge an annual NFP self-review return; this applies to around 150k NFPs.
It explained that these 150k NFPs currently self-assess as income tax exempt.
The new reporting requirement was introduced in the 2021-22 federal budget.
It was introduced to enhance transparency and integrity in tax, super, registry system by ensuring only eligible non-charitable NFPs access that income tax exemption.
Lodgment Preparations
Non-charitable NFPs who have an active Australian Business Number (ABN) can get ready by conducting an early review of their eligibility by using AST Tax's guide.
In addition, checking all their details are up to date, including authorized associates, contacts and their addresses are current; reviewing their purpose and governing documents to understand the type of NFP they are; and setting up myGovID.
Linking myGovID to the organisation’s ABN using Relationship Authorization Manager.
Effectiveness
Lodgment can be made Jul. 1, 2024 to Oct. 31, 2024; early lodgment encouraged.
