Practical Tips for Determining Income Tax Exemption Status

Practical Tips for Determining Income Tax Exemption Status

Two years ago, Association Executive Services was the first organisation to alert the NFP sector of the ATO’s announcement: "If your not-for-profit organisation has an active Australian Business Number (ABN), you must lodge an NFP self-review return to access income tax exemption. Lodgements are required to be made from the 2023–24 income year onwards."

Each NFP organisation must undergo the self-assessment process and would need to lodge by October 2024.

Despite the resources provided by the ATO there is still some confusion within the NFP sector in particular those organisations that are managed by volunteers.

In this webinar we have invited Anthony Seneca from accounting firm Matthews Steer to cover the following subjects and provide some practical tips:

  • Overview of tax rules for NFPs
  • Completing the self-assessment form
  • Which NFP’s are exempt or excluded
  • Clauses to prohibit the distribution of income and assets to members
  • Overview of the Mutuality rules and taxable income calculation for NFPs

REGISTER NOW REGISTER NOW


 Event Details

  • Date: Thursday 19 September
  • Time: 12 noon to 1.00pm
  • Venue: Online via Zoom 
  • Cost: 
    • AES Members: FREE
    • Non-Members: $50

About the Presenter

Anthony Seneca, Associate, Matthews Steer
A member of Matthews Steer’s Tax and Business Advisory division, Anthony has more than 17 years’ experience providing tax, accounting and business advisory services across industries including construction, manufacturing, transport, wholesale, retail and professional services. Anthony manages a team of accountants delivering business advisory services to clients at all stages of their business journey, from startups to retirement and exit, and is a coach and mentor to the team, playing a key role in the professional development of Matthews Steer’s people. He is passionate about building strong relationships; working closely with his clients to understand their business and identify opportunities to assist in their continued growth. Anthony holds a Bachelor of Business degree in accounting and is a qualified Chartered Accountant.

REGISTER NOW REGISTER NOW