What All Associations Need to Know About the 2023 Changes to Income Tax Exemptions

Understanding the rules around income tax exemption as a not-for-profit can be confusing at the best of times—let alone in the face of significant changes that come into effect in 2023. Perfect for association and not-for-profit Treasurers, CEOs, bookkeepers and accountants, this webinar is a great opportunity to ask questions and complete your own self-review. New ATO income tax reporting requirements come into effect in 2023, impacting up to 140,000 not-for-profits and associations.

Is yours one of them?

From 1 July 2023, not-for-profits (other than charities)  and not for profits with an active Australian Business Number (ABN) will be required to lodge an annual self-review return to access an income tax exemption. I

If a return is not lodged, not-for-profits may become ineligible for an income tax exemption and penalties may apply.

In this upcoming AES webinar, tune in to hear ATO not-for-profit experts as they walk us through the process required to lodge an annual self-review return.

The session will cover where to access eligibility information, how to carry out a self-review and when not-for-profits need to complete one.

Learning Outcomes At the conclusion of the webinar you will:

• Understand how to determine if your not-for-profit is exempt from income tax—not all not-for-profits are automatically income tax exempt.

• Understand what your not-for-profit needs to do, depending on its purpose.

There are three pathways:

•  ACNC registration and ATO endorsement for not-for-profits with a charitable purpose
• Self-reviewed income tax exemption for non-charitable not-for-profits who meet the criteria;
•  Lodging tax returns (or advising a return is not necessary).

Know where to access information about eligibility criteria used to self-review income tax exemption.

Know how to complete the self-review process to determine or review eligibility for income tax exemption.