ATO changes in reporting requirements for Not-for-Profits

On 13 November 2023 the Australian Taxation Office (ATO) announced changes in the reporting requirements for Not-for-Profit entities that hold a current ABN and are not registered with the Australian Charities and Not for profits Commission (ACNC). If your Tourist and Heritage Rail organisation holds a current ABN and is not registered with the ACNC, you may be directly impacted by these changes. Hitherto, all not-for-profits have been able to self-assess that we are not required to pay income tax and take no further action. Commencing with the 2023-24 financial year, your organisation may be required to submit the results of our self-assessment to the ATO. This self-assessment must be submitted no later than 31 October 2024. You can find more information on the ATO website. ATHRA Australia recommends that if you are a not-for-profit organisation and are not registered with ACNC, you should obtain expert advice regarding your taxation status.