Income tax exemption regime for not-for-profits 
From 1 July 2023, the ATO will require income tax exempt Not-for-profits (NFPs) with an active Australian Business Number to submit online annual self-review forms with the information they use to self-assess their eligibility for the exemption. Currently non-charitable NFPs can self-assess their eligibility for income tax exemptions, without an obligation to report to the ATO.

Pausing Debt Recovery Action for Small Business
The Government announced it will extend the power of the Administrative Appeals Tribunal (AAT) to pause or modify ATO debt recovery action in relation to disputed debts that are being reviewed by the Small Business Taxation Division (SBTD) of the AAT. This measure will provide an alternative avenue outside the court system to ensure small businesses with a turnover of less than $10 million are not required to start paying a disputed debt until the matter has been determined by the AAT.

These changes will apply for proceedings commenced on or after the date of Royal Assent of the legislation.

Home ownership
The Government announced a Family Home Guarantee, proposed to commence from 1 July 2021. The scheme is to provide support to 10,000 single parents with dependants to enter or re-enter the housing market with a deposit of at least 2% regardless of whether they are a first home buyer or previous owner-occupier. Applicants must be at least 18 years of age and have an annual taxable income of no more than $125,000.

An extension to the existing First Home Loan Deposit Scheme was also announced. The scheme will be available for an additional 10,000 eligible participants between 1 July 2021 and 30 June 2022, guaranteeing up to 15% of the property purchase price for first home buyers seeking to build or purchase a newly built home.