Understanding ATO Updates for Clubs and Non-Profits
We're reaching out to share some important updates from the Australian Taxation Office (ATO) that may impact your sporting club or non-profit. As part of our commitment to keeping you informed and prepared, we've summarised the key changes and what they may mean for you.
This change relates to income tax exemption and introduces a requirement for all not-for-profit organisations with an active Australian Business Number (ABN) to lodge an annual not-for-profit self-review return to the ATO. This will be a mandatory step for organisations to continue accessing income tax exemption. This new self-review will first need to be lodged between 1 July 2024 and 31 October 2024.
For further information, we recommend that you click on the link below which will take you directly to ATO’s website:
Understanding the significance of this change, our governance team can provide free general advice (not formal tax advice) to help you prepare for this change. Your organisation's success is our priority, and we encourage you to proactively engage with us to navigate these changes smoothly.
P: 1800 100 204
W: cprgroup.com.au
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Want more information on navigating the ATO updates for clubs and non-profits? Listen to Ep 74: Money Talks Mini-Series - Part 5: Navigating the Income Tax Exemption Changes on CPR Group’s podcast, Basket Case Clubs, available wherever you get your podcasts.
