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Not-for-profits entities with an ABN which are eligible to self-assess as income tax exempt will be required to submit an annual self-review return with the ATO, commencing from the 2024 income year. The 2024 annual self-review return must be lodged by 31 October 2024.
The new reporting regime was introduced to enhance integrity in the tax system and ensure that only eligible NFPs are entitled to income tax exemption.
Read MoreA common asset protection strategy for professionals and "at risk" individuals is to put the family home in the sole name of their "non-at-risk" spouse to protect the property from creditors.
This relies on an ancient principle known as the 'presumption of advancement'. In a bygone era, any amount paid by a husband to or for the benefit of his wife, was presumed to be a gift (unless there was evidence of a contrary intention).
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