The ATO recognises that the need for a good governance framework is central to supporting community confidence.
“Non-profit organisations need to manage risks to their performance and reputation, so it’s important to have a robust governance and tax risk management framework, including processes to review continued entitlement to tax concessions,” the ATO says.
As such, the ATO will be developing a new product for NFPs in order to support their governance approach to tax and superannuation affairs.
As part of the product development process, the ATO is inviting NFPs to co-design and test the product. Participants will be selected from across the sector to ensure the feedback and views received are representative of the tasks performed by volunteers and paid employees in large and small organisations.
The design sessions will be held in February and March 2011.
Register your interest before 22 December 2010 by visiting the ATO website.
The ATO would also like to remind tax-exempt employers in the non-profit sector to consider fringe benefits tax obligations when organising Christmas office parties and gifts for employees and associates. For more information, visit the ATO website.