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From 1 July 2023, not-for-profit (NFP) entities with an active Australian business number (ABN) are required to lodge an annual self-review return to access income tax exemption. 

Announced as part of the 2021-22 Federal Budget the new measure is intended to enhance transparency and integrity, by ensuring only eligible NFPs access income tax exemption.

The annual self-review return will need to be lodged between 1 July and 31 October 2024. Further information on the ATO Website. 

Read more here

Olivia Mitchell