The Hon. Barnaby Joyce MP

Shadow Minister for Veterans’ Affairs

Member for New England

Media Release

NOT- FOR- PROFIT NEW REPORTING REQUIREMENT WITH THE AUSTRALIAN TAX OFFICE

The Member for New England, Barnaby Joyce has recently received advice that changes to non-charitable not-for-profits tax reporting requirements are now in effect for the 2023-2024 reporting period.

Mr Joyce said previously non-charitable not-for-profit organisations were able to self-assess their eligibility for income tax exemptions. From the 2023-2024 income year, the Tax Office will require income tax exempt not for profits to lodge annual self-review forms, this will record the same information that tax exempt not for profits are currently required to hold as the basis for self-assessing their eligibility for tax exempt status. Taxable not for profits will continue to submit an annual tax return.

Mr Joyce has been advised that The Australian Tax Office will be taking a  practical compliance approach to help organisations meet the new reporting requirements and will be providing assistance during this transition period. Organisations that need additional time to lodge their first return will be able to lodge up until 31 March 2025.

For more information about the change please visit www.ato.gov.au/businesses-and-organisations/not-for-profit-organisations/statements-and-returns/how-to-prepare-a-nfp-self-review-return