NFPs Need to Get Ready for New Return

Non-charitable not-for-profits (NFPs) including sporting clubs and community and cultural clubs should start taking steps to ensure they are ready to submit their annual NFP review. 

From 1 July 2024, NFPs with an Active Australian Business Number (ABN) will be required to lodge their annual NFP self-review return with the Australian Taxation Office (ATO) to confirm their income tax exemption status. This income year, NFP organisations must adhere to a revised schedule for submitting their annual NFP self-review return, making organisation essential. 

What you can do to prepare 

• Plan ahead early and initiate an early review of eligibility  
• Verify all details, ensuring they are current, including authorised associates, contacts and their addresses 
• Review governing documents, reviewing objectives to ensure alignment with the organisation’s NFP status 
• Set up myGOVID and link it to the organisation’s ABN using ‘Relationship Authorisation Manager’ 

For additional information on the new reporting process, be sure to also read our update on ‘New Reporting Guidelines for Sporting Clubs’.

Time to lodge

When it’s time to submit, NFPs can utilise online services for business allowing them to manage their reporting conveniently. Additionally, your Simmons Livingstone advisor can assist in facilitating lodgement on your behalf. 

The submission window for the first return of the 2023/24 tax year is from July 1 to October 31, 2024. As an interim arrangement for the 2023/24 transitional year, eligible NFPs unable to lodge online will have the option to submit their NFP self-review return via an interactive voice response phone service. 

This self-review is a vital step for organisations, to showcase their commitment to the specified purpose and maintain their tax-exempt status. Simmons Livingstone can help you understand your NFP self-review returns.

Don’t let the tax season overwhelm you. Contact Simmons Livingstone to streamline your reporting process and ensure compliance with regulations on 1800 618 800 or via email at admin@simmonslivingstone.com.au