ATO Self Review For Not For Profit

New requirement from 1 July 2023, non-charitable income tax exempt not-for-profits with an active Australian Business Number will need to submit online self-review forms to the ATO to remain eligible for the exemption.

Not for profits will have to fill out a worksheet to prove income tax exemption status, as not all not for profits are exempt; non-profit clubs, societies and associations will be affected.

The new measures are intended to enhance trust and confidence in the sector by increasing transparency around the exemption to ensure only eligible not-for-profits access income tax exemptions.

While the new reporting requirements come into effect from 1 July 2023, the first lodgments are expected to occur from 1 July 2024.