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.
You’ve sold your business! But what happens now!? We’ve outlined five potential pathways your post-sale life could take, and how they help you find new goals and lifestyles.
Are you ready to sell your business? Here are six important ways to secure the best deal, through solid negotiation and a deep understanding of your core strengths as a company.
Is your business debt getting out of control? Come and talk to us about strategies for reducing debt and getting cashflow under control.
What will you do differently this year to enable your business to thrive? Conducting a past-year review with our experienced advisors will provide valuable insights for this year's goal-setting.
The Australian Taxation Office (ATO) has unveiled its compliance focus areas for the 2025 tax year, highlighting the importance of accurate claims and thorough record-keeping, particularly for small businesses and individuals.
The ATO recently published some ‘wild claims’ that business owners had tried to make for business expenses. But what CAN you claim and what CAN’T you claim? We have the answers.
Many business owners are reviewing their priorities and their work-life balance. Gallup reported that 39% of the owners they surveyed worked over 60 hours a week. How can you reclaim time and balance in your business?
Accountants don't just look after the financial side of your business. With our expertise behind your business development, we can help you turn your strategic ideas into real success stories.
We’re trading in uncertain times. But now’s the perfect moment to look at optimising your business. We’ve highlighted six key areas where you can improve your business efficiency.
#optimisation #strategy #businesstips
Are you using data insights to drive your operational efficiency? We’ve got the lowdown on five ways that data-based decision-making takes your business to new levels of productivity.
