You’ll have an extra step to take if you have new employees who start from 1 November 2021 and they don’t choose a super fund.  You may now need to request their ‘stapled super fund’ details from the ATO. 

The ATO has issued personalised refund of franking credits application packages to eligible organisations that applied for, and received, a refund in the previous financial year. Contact the ATO if your organisation wants to apply for a refund of franking credits but you haven’t received a refund package. You can also phone the ATO to request replacement forms.

As a finance futurist, Nunzio Giunta CPA has embraced technological changes in his industry, but he also looks forward to a new era for finance, in which emotional intelligence and sound communication are upheld as much as analytical expertise.

The Online Services for Business replaced the Business Portal and you can use it to create payment plans, lodge a BAS, obtain copies of income tax returns and view your communication history with the ATO.

Justice Connect launches a new free DGR tool to help you work out whether you’re eligible for deductible gift recipient (DGR) status and what the relevant DGR category might be. The legal requirements are complex, the tax laws are complicated, and the language is old-fashioned and daunting. This new tool takes less than 20 minutes to complete and will help you make sense of the law.

The Hon Michael Sukkar MP, announced that the Coalition Government will cut red tape for thousands of Australian charities, with financial reporting obligations to be eased from the upcoming financial year.

The director identification number (director ID) initiative will be introduced as a part of a new modern registry service – the Australian Business Registry Services (ABRS). Directors don’t need to do anything now. The ATO is testing the new application process in a private beta to ensure a seamless user experience, and will call for expressions of interest shortly.

In June 2020, the ancillary fund guidelines were amended to encourage increased distributions to DGRs as a result of the COVID-19 pandemic.

In the 2021-22 Budget the Government announced changes to the administration of NFPs that self-assess as income tax exempt. From 1 July 2023, NFPs with an active ABN will submit an online annual self-review form with the information they ordinarily use to self-assess their eligibility for the exemption. The ATO will work closely with the sector in the implementation of this measure.

On 1 July 2021, the super guarantee rate will rise from 9.5% to 10%. Some pay periods will cross over between June and July when the rate changes.

In the 2019-2020 Budget it was announced that the data collected through Single Touch Payroll (STP) will be expanded. This expansion of STP data reduces the reporting burden for employers who need to report information about their employees to multiple government agencies and supports the administration of the social security system.

Watch this brief video by Jennifer Moltisanti, Assistant Commissioner, Australian Taxation Office, to find out about the range of tools and services the ATO offers to help not-for-profits whether starting up, running a not-for-profit or changing your organisation. Let the ATO help you to meet your tax and super obligations.