ATO Releases Self-Governance Checklist for NFPs
Thursday, 6th October 2011 at 11:44 am
The Australian Tax Office has released a checklist to help Not for Profit organisations with their tax and superannuation affairs.
The Self-governance checklist for Not for Profit organisations helps organisations review their tax obligations and status as a Not for Profit organisation.
Michael D’Ascenzo, the Commissioner of Taxation, says the checklist encourages charities and other Not for Profit organisations to review their continued entitlement to tax concessions and to help them meet their tax and super obligations
D’Ascenzo says Not for Profit organisations need to manage risks to their performance and reputation, so it is important to have a robust governance and tax risk management framework in place.
The checklist helps organisation identify, assess and avoid material tax and super risks, and maintain high standards of compliance.
D’Ascenzo says governance focus of the checklist will also enhance voluntary compliance and contribute to community confidence that tax concessions within the Not for Profit sector are being used as intended for the benefit of the community.
Not for Profit organisations from across the sector took part in the development of the checklist.
For more information, or to download the ‘Self governance checklist’, visit http://www.ato.gov.au/nonprofit/content.aspx?doc=/content/00292727.htm