top of page

brisbane • sydney • melbourne


A collection of updates, articles and papers written by The Little CFO & The Little CFO Legal

Not-For-Profit ENtities That Assess As Income Tax Exempt

As part of the 2021–22 federal Budget, the Australian Government announced reforms to the administration of not-for-profit (NFP) entities that self-assess as income tax exempt.

The measure is designed to enhance trust and confidence in the sector by ensuring only eligible NFPs access income tax exemptions, and that NFP and for-profit entities operate on a level playing field.

From 1 July 2023, NFPs with an active Australian business number (ABN) will be required to lodge an annual self-review return in order to access an income tax exemption.

In subsequent years, NFPs will confirm or amend the information provided to them on a pre-filled self-review return.

If a return is not lodged, they may become ineligible for an income tax exemption and penalties may apply under the ATO’s penalty framework.

Read more here: 2021-22 Budget Paper No. 2 <>

9 views0 comments


Disclaimer​: Information on this website is of a general nature and is not to be relied upon as legal, financial, accounting, or other professional advice as the information provided does not consider your objectives, financial situation or needs. You should seek legal, financial, accounting, and such other professional advice as necessary or appropriate before making any financial, legal, or other decision. The Little CFO, The Little CFO Legal, their owners, affiliates, and the authors of the content & copy accept no responsibility, or any form of liability, arising from any reliance upon, reproduction or use of any information on this website, including where same is then shared in another format.


Should you require advice please connect with us so that we may provide advice tailored to suit your specific circumstances.

bottom of page