ATO Releases Tax Guides for NFPs
Monday, 5th July 2010 at 10:36 am
The Australian Tax Office has released two new guides for Not for Profit clubs, societies and associations that aren’t exempt from income tax.
The ‘Mutuality and taxable income’ guide explains the principle of mutuality and helps NFPs determine if they need to lodge an annual income tax return, and calculate their taxable income, including how to treat mutual dealing with their members.
The ‘Guide to company tax returns for non-profit organisations 2010’ helps taxable NFPs complete the Company tax return. The guide discusses common errors made when completing the tax return, and provides guidance on how to complete the return correctly, including a worked example.
Download the PDF guides here:
Mutuality and taxable income (NAT 73436)
Guide to company tax return for non-profit organisations 2010 (NAT 73512)
For more information visit www.ato.gov.au