Upcoming Changes in Reporting Requirements for Not-for-Profits Seminar

Attention all not-for-profit organisations! Are you aware of the upcoming changes in reporting requirements?

Join our complimentary seminar to ensure you understand the essential information and actions you must take to comply with the new reporting requirements.

Many of the NFPs we are talking to are unaware of these changes, so we want to ensure you understand what you need to do and what steps you need to take.

Starting from the 2023-24 income year, if your not-for-profit has an active Australian Business Number (ABN), you’ll need to lodge an NFP self-review return to access income tax exemption. This new requirement means you must review your organisation’s purpose and activities against specific criteria and report this to the ATO.

IMPORTANT DATES

Self Reviews Due
1 July 2024 – 31 October 2024

Extended Lodgement Deadline
31 March 2025

What You’ll Learn:
- Who needs to lodge the NFP self-review return
- How to determine your basis for income tax exemption
- Step-by-step guidance on lodging the return online
- Key dates and deadlines for the 2023-24 financial year

Who Needs to Report:
- Not-for-profits with an active ABN seeking to self-assess income tax exemption
- Organisations needing to self-assess and report their eligibility to the ATO

Who Doesn’t Need to Report:
- Government entities or charities registered with the Australian Charities and Not-for-profits Commission (ACNC)
- Taxable not-for-profits already lodging income tax returns or notifying the ATO of returns not necessary

This seminar is designed to simplify these changes and help you understand the steps you need to take.

By attending, you’ll have the knowledge and tools to comply with the new reporting requirements and ensure your not-for-profit organisation continues to
benefit from income tax exemptions.

Many of the NFPs we are talking to are unaware of these changes, so we want to ensure you understand what you need to do and what steps you need to take.

Starting from the 2023-24 income year, if your not-for-profit has an active Australian Business Number (ABN), you’ll need to lodge an NFP self-review return to access income tax exemption. This new requirement means you must review your organisation’s purpose and activities against specific criteria and report this to the ATO.

Agenda

7:30am Arrival and breakfast

8:00am Hear from our panel of experts who will share their inside knowledge of what your organisation needs to do to become compliant, no matter what stage you are at.

You will gain:
- A clear understanding of the new requirements
- Practical steps to update your organisation’s contact details and ABN registration
- Guidance on reviewing your organisation’s main purpose and governing documents
- Instructions on setting up and linking your myGovID to your NFP’s ABN in Relationship Authorisation Manager (RAM)

9:00-9:30am Q&A

Facilitated by: Mark Holton, Smithink

Panel experts:
Andrew Paton-Smith, Jazoodle
Anna Cruckshank, Aubrey Brown Lawyers
Martin Le Marchant, Bishop Collins Audit
Meg Granger, Dynamic Accounting Taxation Advisors

Register Now! Don’t miss out on this crucial information session.
Attendance is complimentary, but please register online, as seats will be limited. A light breakfast will be available from 7:30am.