New Version of Tax Basics for Not for Profits
Thursday, 11th August 2011 at 10:24 am
The Australian Tax Office has released a new version of its Guide to Tax Basics for Not for Profit organisations.
The Guide replaces the previous version issued in June 2007.
Tax basics for Not for Profit organisations provides an overview of tax obligations and concessions for NFPs. It helps identify which taxes affect different organisations, including income tax, fringe benefits tax (FBT), goods and services tax (GST) and pay as you go (PAYG).
The new version incorporates the changes outlined in the addendum to the previous version of the guide.
Other changes to the guide include:
- a new diagram showing the relationship between the types of Not for Profit organisations
- additional information on salary sacrifice and gifts made to deductible gift recipients (DGRs)
- information on record keeping requirements for DGRs
- additional information on reporting
- and paying tax, including lodging annual income tax returns
- updates for publications withdrawn and replaced.
Copies of the guide can be ordered online here or by phoning 1300 720 092 and quoting 'NAT 7966' – NAT numbers can be used to order publications that are available in paper format.