Not For Profits Have A New Reporting Obligation
From the 2023-24 income year, non-charitable NFPs with an active ABN are required to lodge an annual NFP self-review return.
If you run a NFP, such as a club or team, you may need to lodge the new NFP self-review return to self-assess income tax exemption under one of eight categories.
The first NFP self- review return is due by 31 October 2024, or after the end of your client's reporting year if they have an approved substituted accounting period.
You should get ready now by:
- conducting an early review of your eligibility by using the ATO's guide
- ensuring your ABN registration details are up to date, including authorised associates, contacts and addresses. We can provide a paper form if required.
- reviewing your purpose and governing documents to understand the type of NFP you are
- obtaining a myGovID for your authorised associate and linking it to your organisation's ABN using Relationship Authorisation Manager.
For more information is available on the ATO's website.
If you would like us to lodge the review on behalf of your organisation, please Contact Us.
Haslam Consulting & Accounting acknowledges Traditional Owners of Country throughout Australia and recognises the continuing connection to lands, waters and communities.
We pay our respect to Aboriginal and Torres Strait Islander cultures; and to Elders past and present.