Shellys bookkeeping can help with not for profit comanpies

Not for Profit Tax Exempt Self Review

Unsure About Not For Profit Tax Compliance ?

Under new ATO requirements, not-for-profit organisations (NFP) including charities, sporting clubs and more will need to submit an annual self-review to confirm their tax-exempt status. Previously, NFP were not required to report to the ATO. These changes to do not apply to charities registered with the ACNC (Australian Charities and Not-for-profits Commission).

If you are not sure whether your organisation is a registered charity, you can search the ABN Lookup Tool and the ACNC Register

The first self-review will need to be lodged by 31 March 2025 for the Financial year ending 30 June 2024.

What does my NFP need to do?

This is an opportunity for your NFP to review your entitlement to self assess as income tax exempt. Also to update authorised persons details on the ABR (Australian Business Register). Organisations are required by law to tell the ABR within 28days of any changes to their registered details including

Postal, email or business address
Associates (President, Secretary, Treasurer etc)
Main business activity
Public Officer

Without up-to-date details, organisations will find it difficult to access the NFP self-review in Online services for Business. If you don’t know who your Public Officer/ authorised persons are, you can complete the Change of registration details form (NAT 2943)

The three primary steps NFPS will be required to complete in the self assessment are:

organisation details
income tax self assessment
summary and declaration

Depending on your organisations main purpose, some additional questions may be required in the self assessment.

What happens if i don't submit on time ?

Failure to lodge the annual self review may result in a loss of income tax exemption and may also attract penalties. A registered BAS Agent can help you through the process of updating authorised person details and lodging the self-assessment. If your club needs help, contact us

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