Guide to Giving
MEDIA, JOBS & RESOURCES FOR THE COMMON GOOD
NEWS  |  Leadership

New Income Tax Guide for Not for Profits


Tuesday, 24th July 2012 at 9:30 am
Staff Reporter
The Australian Tax Office has released a new version of its Income Tax Guide for Not for Profit organisations in preparation for the start of the Australian Charities and Not-for-profits Commission (ACNC) on 1 October, 2012.


Tuesday, 24th July 2012
at 9:30 am
Staff Reporter


0 Comments


FREE SOCIAL
SECTOR NEWS

 Print
New Income Tax Guide for Not for Profits
Tuesday, 24th July 2012 at 9:30 am

Photo: beachandbay.com.au

The Australian Tax Office has released a new version of its Income Tax Guide for Not for Profit organisations in preparation for the start of the Australian Charities and Not-for-profits Commission (ACNC) on 1 October, 2012. 

The new version replaces a 2007 Guide and is specifically aimed at office bearers and advisers of Not for Profit organisations to use when self-assessing if they are exempt from income tax.

The guide includes detailed information about the types of entities that can work out for themselves what their income tax status is. This includes the steps to follow to work out whether an organisation is exempt from income tax. The entitlements and responsibilities of being income tax exempt are also discussed.

The new version of the guide does not discuss the requirements for organisations that must be endorsed to access income tax exemption. These organisations are charities and income tax exempt funds.

The new Income tax guide for Not for Profit organisations is only available online and can be printed from the website.

The ATO has also released a new worksheet to help organisations self-review their income tax status. 

Organisations are either income tax exempt or taxable. The worksheet allows NFPs to type directly into the form and save the completed form to a computer. The ATO recommends that self-assessing Not for Profit organisations use this worksheet on an annual basis and whenever there is a major change to their structure or operations.

Under the new regulatory regime, the ACNC will be responsible for determining charity status for all Australian Government purposes and maintaining a charity register while the ATO will continue to be responsible for administering tax concessions for charities.



Save The Children

FEATURED SUPPLIERS


HLB Mann Judd is a specialist Accounting and Advisory firm t...

HLB Mann Judd

NGO Recruitment is Australia’s not-for-profit sector recru...

NGO Recruitment

Brennan IT helps not-for-profit (NFP) organisations drive gr...

Brennan IT

...


More Suppliers


YOU MAY ALSO LIKE

Majority of NFPs Are Not Believed to be Well-Run, According to New Survey

Luke Michael

Tuesday, 12th September 2017 at 4:14 pm

Why is Digital Information Management So Important for NFPs?

Contributor

Tuesday, 12th September 2017 at 8:19 am

Australians Urged to Give a Gift to Charities in Their Will

Luke Michael

Friday, 8th September 2017 at 4:32 pm

POPULAR

New Study Warns NFPs Need Strong Culture and Profits to Survive

Luke Michael

Tuesday, 5th September 2017 at 12:02 pm

Moves to Stop Volunteering at Overseas Orphanages

Luke Michael

Wednesday, 13th September 2017 at 1:54 pm

Peak Body Demands Action to Stop NDIS Leaving Aboriginal People Behind

Wendy Williams

Tuesday, 5th September 2017 at 8:37 am

Future Uncertain for Disability Organisations Following Funding Cuts

Wendy Williams

Tuesday, 19th September 2017 at 8:29 am

Write a Reply or Comment

Your email address will not be published. Required fields are marked *


Guide to Giving
pba inverse logo
Subscribe Twitter Facebook

Get the social sector's most essential news coverage. Delivered free to your inbox every Tuesday and Thursday morning.

You have Successfully Subscribed!