Understanding Income Tax Reporting Changes Effecting Landcare and Environmental Not-for-Profit Organisations
Event description
Did you know the Australian Taxation Office (ATO) has introduced changes that may make environmental groups liable to pay income tax this year?
The ATO has recently changed the requirements for not-for profits (NFP) that self-assess as income tax exempt. From the 2023/24 financial year, in order to be endorsed as income tax exempt, NFP organisations with an active Australian Business Number (ABN) need to either register as a charity (if eligible to do so) or lodge an annual self-review return with the ATO (if eligible). If an organisation is unable to do either of these things, or chooses not to, their income will become taxable.
Many landcare and environmental volunteering groups may have thought they were exempt from paying income tax because they operate as an NFP. However, in accordance with tax law, not all NFP organisations are exempt from income tax.
An organisation may register as a charity with the Australian Charities and Not-for-profits Commission (ACNC) to be endorsed by the ATO as income tax exempt. Additionally, certain types of NFPs, including health organisations, sporting organisations, and community service organisations may self-assess as income tax exempt and lodge annual reviews with the ATO going forward - but this is not the case for NFPs whose main purposes are environmental in nature.
If your organisation:
- Has environmental purposes
- Has an active ABN, and
- Is not registered as a charity with the ACNC
...then now is the time to act!
Join us for an enlightening session to understand if these changes apply to your organisation and the potential impacts and next steps that should be taken.
Attend our information evening featuring insights from representatives from the Australian Charities and Not-for-profits Commission (ACNC), this 90-minute presentation will cover:
- Understanding the recent changes to the requirements by the ATO
- Identifying who has been affected by these changes
- What will happen if your group does not take action?
- Registration process with ACNC - what is the process, what do you need to do?
- Answers to some frequently asked questions by ATO
- How Landcare Victoria will support their members through this change
- Strategies going forward - what are prioritiy actions that you should take now?
- Engaging in an interactive Q&A session to clarify doubts and concerns
This webinar is tailored for volunteer-led environmental groups and not-for-profits, and it's completely FREE. Don't miss out—secure your spot now!
Please Note: This webinar will be recorded and a copy is sent out to every registrant by default. So if you aren't able to watch the Webinar live at the scheduled time, you don't need to do anything - we'll send you a copy you can watch at your own pace. The webinar will run for 1.5 hours and will include a Q & A session
Click here to find out How to become a Landcare Victoria Inc. Member
This workshop is proudly funded by the Department of Energy, Environment and Climate Action (DEECA).