ATO may cancel inactive ABNs
ATO’s Review of Inactive ABNs Ensuring Continued Eligibility and Steps to Reapply if Your ABN is Cancelled The ATO regularly reviews, and sometimes cancels inactive Australian Business Numbers (‘ABNs’). The ATO may review a taxpayer’s ABN if the taxpayer has not reported business activity in their tax return, or there are no signs of business […]
New lodgment obligation for income tax exempt organisations
Annual NFP Self-Review Return Requirement Ensuring Income Tax Exemption Eligibility for Non-Charitable Not-for-Profits Non-charitable not-for-profits (‘NFPs’) with an active ABN, including community service organisations, need to lodge an annual NFP self-review return to notify their eligibility for income tax exemption. To be eligible to self-assess as income tax exempt, the organisation’s main purpose must be […]
NFPs need to get ready for new return
New Requirements for Non-Charitable NFPs: Annual Self-Review Returns Changes Effective July 2024 Mandate Annual Reviews for NFPs to Confirm Tax Exemption Status From 1 July 2024, non-charitable not-for-profits (‘NFPs’) with an active Australian Business Number (‘ABN’) will be required to lodge a new annual NFP self-review return with the ATO to confirm their income tax […]
Changes in reporting requirements for sporting clubs
Annual Not For Profit Self-Review Returns Ensuring Tax Exemption Compliance for Sporting Clubs and Associations Not-for-profits (‘NFPs’), including sporting clubs, societies and associations with an active ABN, need to lodge an annual NFP self-review return to continue accessing their income tax exemption. The main purpose of a sporting organisation must be the encouragement of a […]
Disclosure of business tax debts to CRBs
Credit Reporting Bureaus The ATO is in the process of writing to taxpayers that may be eligible to have their tax debts disclosed to credit reporting bureaus (‘CRBs’). The ATO can potentially report outstanding tax debts to a CRB where the following criteria are satisfied: The taxpayer has an Australian business number and is not […]
ABN ‘intent to cancel’ program
The ATO is cracking down on inactive ABNs The ATO is reviewing Australian business numbers (‘ABNs’) to identify potentially inactive ABNs for cancellation It has introduced a new automated process to allow taxpayers (or their tax agents) to confirm if their ABN is still required via a secure voice response system. An ABN may be […]
Data matching update
AUSTRAC transaction report information data-matching program The ATO will acquire transaction report information data from AUSTRAC for the period of 17 June 2021 through to 30 June 2027. AUSTRAC (the Australian Transaction Reports and Analysis Centre) is the Australian Government agency responsible for “detecting, deterring and disrupting criminal abuse of the financial system to protect […]
ATO loses case on JobKeeper and backdated ABNs
JobKeeper claims and backdated ABNs On 24 March 2021, the Full Federal Court handed down its decision in a decisive case. It concerned the requirement that an entity claiming JobKeeper must have had an ABN on 12 March 2020, or a later time allowed by the ATO. The Registrar of the Australian Business Register had […]
ATO recommends updating ABN details
ATO recommends updating ABN details for disastrous reasons The ATO has provided a novel, though important, reason for businesses to update their ABN details: to help businesses to manage the coming disaster season. ABN details are used by emergency services and government agencies to help identify and contact businesses during times of emergency and potential […]
ABR integrity
Measuring the integrity of the ABR From September, the Australian Business Register (ABR) will contact a random sample of ABN holders across all entity types to: confirm their business information; discuss how they use the ABN, and check their understanding of how ABNs are used; find out about their registration experience and ask for suggestions […]
