Enhancing the transparency of income tax exemptions for certain NFPs by way of requirement to submit online annual self review forms

Currently, non-charitable not-for-profits (NFPs) can self-assess their eligibility for income tax exemptions and do not have to report to, or otherwise be endorsed as income tax exempt by the ATO. The type of organisations falling within this group include sports clubs and community service organisations. 2021–22 Federal Budget announcement As part of the 2021–22 Federal … Read more

Is your entity really a Public Benevolent Institution?

A Public Benevolent Institution (PBI) seeking deductible gift recipient (DGR) status is required to be registered with the Australian Charities and Not-for-profits Commission (ACNC) under the charity subtype, PBI prior to seeking DRG endorsement with the ATO. In assessing whether an organisation is a PBI, most Federal, State and Territory regulatory bodies including the ACNC … Read more

Charitable institutions: Land tax and other exemptions and the need to pay attention to the detail

A recent case dealing with Victorian land tax provides a timely reminder about how the nuances of the words used in exempting provisions in tax legislation will dictate the scope of the exemption. Taxpayers should be periodically monitoring exemption entitlements (existing or potential) and not assume the status quo is correct or that the same … Read more

Charities – Charities and NFPs preparing special purpose financial statements – Are you affected by the new disclosure rules?

From 30 June 2020, certain entities preparing special purpose financial statements are required to disclose the extent of compliance with AASB 1054. Charities that are registered with the Australian Charities and Not-for-profit Commission (ACNC) are required to submit an annual information statement (AIS) to the ACNC within 6 months of the end of their financial … Read more