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Nonprofits! 🚨 You have a new tax obligation with the ATO 🏦 ⁠ ⁠ If you’re a nonprofit in Australia with an active ABN, starting this year, you may have to submit a self-review to the Australian Taxation Office (ATO) to keep your tax exempt status 💸⁠ ⁠ Basically, this self-review looks at your organisation’s income, expenses, and operations 👀 You’ll have to provide information about:⁠ 💰 Your NFP’s annual gross⁠ 🤝 The purpose of your organisation (and proof it’s for charity)⁠ 📄 Governing documents prohibiting income and asset distribution to any individual or members⁠ 🦘 Proof your expenditure is entirely within Australia⁠ ⁠ If you still meet the criteria for tax exemption, you can keep it. If you don’t, you’ll have to lodge an income tax return 😬 This is to prevent tax evasion 🙅⁠ ⁠ Talk to a tax advisor for specific advice. Link in bio for more information 🔗 ✨
Some hustle for the raise, we hustle for the praise ⭐ ⭐ ⭐ ⭐ ⭐
Need help with Reckon? No worries 👏⁠ ⁠ We’ve given our free help videos a shiny new home on the Reckon Community ✨ Easy, fast, and full of hot tips on how to get the most out of your subscription.⁠ ⁠ 🔥 Hot topics include 🔥⁠ 🤝 How to onboard new employees⁠ 💸 How to use pay templates for faster payroll⁠ 🗓️ How to complete your End of Financial Year (EOFY) finalisation for tax season⁠ ⁠ And more! Link in bio to check it out 🔗 ✨
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It’s tax season, baby 🤑 🏦 😭 🙏⁠ ⁠ Small businesses have unique tax needs, depending on their structure and income.⁠ ⁠ For example, sole traders like freelancers may just need to file their individual tax return 💸 (Plus their BAS if they need to pay GST 🎉)⁠ ⁠ Small businesses with employees, however, usually file a company tax return 🗓️ This is because the business is now a distinct legal entity. Company tax returns have different due dates and reporting obligations.⁠ ⁠ Need tax advice? See a tax agent! Every business is different when it comes to taxes, so they can help you file correctly and on time while maximising your eligible deductions 👏 😄⁠ ⁠ Link in bio to learn more 🔗 ✨

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