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Changes to the myIR login screen are coming You will not be able to use myIR between 1pm Saturday 8 October and 8am Monday 10 October. This is so we can update our external authentication system. From Monday 10 October the myIR login page will have a new look and feel, but the login process will not change.

Cost of Living Payment Eligible customers will have the payment automatically paid into their bank accounts by the end of the day 3 October 2022. The payments will be staggered and Credit Union customers may not receive their payment until 4 October 2022. Cost-of-Living-Payment

What
Qualifying for the $1,000 income deduction
Who
Not-for-profit organisations

Your not-for-profit may qualify for a $1,000 income deduction. This means the first $1,000 of income your organisation earns is free from income tax.

Check if your organisation's seen as not-for-profit

For your organisation to be seen as not-for-profit and qualify for the $1,000 income deduction it must:

  • not have the purpose of making a profit for a proprietor, member, or shareholder
  • have a constitution that does not allow for the distribution of property in any form to a member, proprietor, or shareholder.

Not-for-profit organisation rules for founding documents

Deductions for not-for-profits earning under $1,000

If your not-for-profit’s net income is under $1,000 a year the deduction means you're exempt from income tax. This means you will not need to file any income tax returns.

You still need to keep your financial records in case they’re needed in future. You may also still be liable for other tax such as GST.

Deductions for not-for-profits earning over $1,000

If your not-for-profit’s net income is over $1,000 a year you can still apply for a deduction of up to $1,000. If we approve your application the amount of income you need to pay tax on will lower by $1,000.

Last updated: 25 Jun 2021
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