News and Articles

Is your Not-for-profit now required to pay income tax?

The recent introduction of the requirement for Not-for-profits (NFPs) to lodge a self -review return with the ATO has led to many of them learning that they are not in fact eligible for income tax exemption but are taxable and liable to pay tax (and may have been for some time).

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Not for profit organisations – will you be required to pay income tax from 1 July 2024

Until now these self- assessing income tax exempt entities have not had to lodge any form of report or return with the ATO. This has now changed.

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PBI and FBT – ATO focus

The ATO is focussing on whether public benevolent institutions (PBIs) endorsed by the Commissioner of Taxation as eligible for an exemption from fringe benefits tax (FBT) are properly claiming the tax. Benefits provided to employees of the PBI are exempt from FBT (up to a capping threshold). Jennifer Moltisani of ATO says We are concerned […]

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Private Foundations the ATO is looking at you

The ATO is on the lookout for advisers who are telling clients that, by operating their business or income producing activities through a private foundation, they can 'opt out’ of the tax system. Jennifer Moltisani of ATO says: Unlike genuine NFP foundations, participants stream their untaxed employment, contractor, or business income through the sham foundation, […]

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