At the March 2022 ACNC Professional Users Forum of which I am proud to be a member, Jennifer Moltisanti, Assistant Commissioner Taxation, confirmed a number of key focus areas for the ATO in the NFP space in 2022/2023 including:
- Ancillary Funds (compliance with the relevant public ancillary or private ancillary guidelines)
- Not- for-profits which are providing private benefit not public benefit
- Franking credit refunds
- Self-assessing entities such as sporting clubs
- Entities relying on the mutuality principle for income tax purposes
- Distribution of surplus assets on windup
- Disaster relief funding
ATO now has a dedicated line for not-for- profits seeking guidance on tax related topics - 1300130248.
Featured image by Mari Helin on unsplash