New reporting requirements for not-for-profit organisations that are currently self-assessing as being income tax exempt are now in place, with first reporting required from 1 July 2024. For many organisations, this may be the first time that they have seriously reviewed their eligibility for income tax exempt status.
While the organisation’s objects and mission may indicate that income tax exempt is the appropriate registration, it may be that the not-for-profit should be registered as a charity, and outside this new reporting regime. Navigating ‘charitable purpose’ is open to interpretation – there are many nuances that must be considered to ensure the correct registration outcome.
This practical session not only detailed the regulatory reporting changes, but also assist in identifying the signposts to guide practitioners to ensure they recommend the correct type of registration for their clients.