Not For Profits Have A New Reporting Obligation
June 1, 2024
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.
Your balance sheet is a key financial statement to understand. So we’ve highlighted five ways your balance sheet can keep you informed about your financial health.
The Reserve Bank of Australia has increased interest rates from 3.6% up to 3.85%. What does this rise mean for you, your business and your financial opportunities?
What Employers Need to Know Before 1 July 2026
We’ve heard a lot about trade tariffs in the news. But what is a trade tariff and how could these customs taxes impact your small business?
Do you know where to start when updating your systems to modern, digital tools? We share five steps for getting the best from your new digital tools.
63% of Australian businesses say they are losing money to late payments. Here’s what you can do to get your late payment issues under control.
54% of employees prefer a combination of in-office and remote work. Are you making moves to switch to flexible working? We explain why it's is the way forward.
Are you drowning in business admin? Automation is the answer. We’ll help identify automation opportunities and choose the best apps to drive an efficient business.
When did you last review your business strategy? We share four areas you should revisit and update to create the best possible strategic and growth outcomes.
Is your digital marketing strategy still fit for purpose? Here are 4 key elements your business should be using to advertise your brand + engage with new customers.
