The ATO has released a new version of their guide Tax Basics to assist Non Profit Organisations operate through the maze of regulations.
The guide provides an overview of tax obligations and concessions for not-for-profit (NFP) organisations and helps to identify which taxes affect organisations, including income tax, fringe benefits tax (FBT), goods and services tax (GST) and pay as you go (PAYG).
Changes to the guide include:
- 1. A new diagram showing the relationship between the types of NFP organisations
- 2. Additional information on salary sacrifice and gifts made to deductible gift recipients (DGRs)
- 3. Information on record keeping requirements for DGRs
- 4. Additional information on reporting and paying tax, including lodging annual income tax returns
- 5. Updates to tax policy.
Should you require any assistance for your non-profit organisation, please contact the Principal Solicitor for GMH Legal, Mr George Hanna on 02 9587 0458.