Community & Associations Newsletter – June 2024

Carroll & O'Dea


Established over 120 years ago, Carroll & O’Dea Lawyers offers expert advice and strong advocacy for clients. With a commitment to high-level service and legal expertise in all areas, they blend tradition with modern skills.
Changes to income tax reporting requirements for not-for-profit organisations will be implemented on 1/7/24 - summary here.
Australia Corporate/Commercial Law
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As we enter the middle of 2024, we wished to bring attention to some recent and relevant matters in the not-for-profit space.

Changes to income tax reporting requirements will be implemented on 1 July 2024, and so a summary is set out for your reference.

The Productivity Commission's final report was delivered to the Treasurer on 10 May 2024. Following its release to the public, our next edition will focus on the outcomes of the report.

Changes to School Building Funds will affect the fundraising capabilities of many of Australia's private schools. We are monitoring the Commission's inquiry with interest.

From 1 January 2024, the following DGR categories were transferred to the ATO to enable the streamlining of the Deductible Gift Recipient Registers:

  1. Environmental Organisations;
  2. Harm Prevention Charities;
  3. Cultural Organisations; and
  4. Overseas Aid Funds

With the heightened threat of cybercrime, the ACNC has announced its intention to address the improper use of complex corporate structures and the necessity for cybercrime awareness and training.

All of these developments are covered in this edition of the Community & Associations Newsletter.

We trust you will enjoy the read.

Changes To Income Tax Reporting Requirements

There have been some amendments to the administration of not-for-profit organisations that self-assess as income tax exempt.

The amendments will affect the NFP organisations that:

  1. are not registered as charities with the ACNC; and
  2. have an active ABN; and
  3. currently self-assess each year as exempt from income tax under Division 50 of the Income Tax Assessment Act 1997 (Cth).

Read more here.

Carroll & O'Dea Lawyers has lodged a submission responding to the Productivity Commission's draft report into philanthropy

As discussed in the previous edition of our Community & Associations Newsletter, the Productivity Commission released on Thursday, 30 November 2023 its draft report on its inquiry into philanthropy. Read more here.

Changes to School Building Funds

Proposed revisions to the tax rules for charitable contributions could affect the fundraising capabilities of some of Australia's independent and private schools, targeting their multi-million-dollar infrastructure funding efforts. Read more here.

Registration Reform: Streamlining the Deductible Gift Recipient (DGR) Registers

On 1 January 2024, the administrative responsibility for assessing the eligibility for four additional Deductible Gift Recipient (DGR) categories was transferred to the Australian Taxation Office (ATO). Read more here.

Misuse of Complex Corporate Structures and the Importance of Cybersecurity Awareness

The ACNC has announced its intention to target the inappropriate use of intricate organisational structures and how charities tackle cybersecurity issues. Read more here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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