[Oceania-Board] New ATO reporting requirement 2024

[John Bryant]

Hi all, just a bit of info we didn't have time to discuss at last
week's meeting.

Jonah and Renee are already aware of this, but just wanted to bring it to
your attention to make sure we're all aware of our obligations.

We've always been required to self-assess our eligibility for income tax
exemption, but haven't had to submit anything. As of the 2023-2024 tax
year, we're now required to lodge an annual self-review return.

The 2023-24 self-review return needs to be lodged between 1 July and 31
October 2024, and we will need to lodge each year. The usual penalties
apply for late lodgement.

It doesn't look very onerous, and if we keep our records in order I'm sure
it will be very easy to update & lodge annually.

More info here
<https://www.ato.gov.au/businesses-and-organisations/not-for-profit-organisations/statements-and-returns/in-detail/reporting-requirements-to-self-assess-income-tax-exemption>
.

Cheers
John
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