Self-Review for Not-for-Profits

Is your organisation a not-for-profit (NFP)?

A not-for-profit is generally an organisation that does not operate for the profit, personal gain or other benefit of particular people (for example, its members, the people who run the organisation, or their friends or relatives).

The new reporting requirements for submitting your annual self-review return are now in effect. Here’s a reminder of the key information you need to prepare and organise lodging your return. 

From 1 July 2024, NFPs with an active Australian Business Number (ABN) are required to lodge their annual NFP self-review return with the Australian Taxation Office (ATO) to confirm their income tax exemption status. This year, NFPs must adhere to a revised schedule that emphasises more detailed disclosure and enhanced compliance checks. It is crucial to ensure accuracy in your submission to maintain your tax-exempt status. 

Guidance on lodging your self-review return

As an NFP organisation you are now required to lodge your self-review return for the 2023-24 income year and beyond to confirm your income tax exemption status. You can conveniently submit your return through Online Services for Business or our team at Simmons Livingstone can facilitate and lodge the return on your behalf. Please get in contact with our office today on 07 5561 8800 for assistance.

Key points to note

• Previous income years do not require lodgment.  
• If you encounter any difficulties with the online lodgment process, our team is here to help. Please don’t hesitate to contact us for assistance.  
• You can request additional time to lodge your return until 31 March 2025 and we can assist you throughout this process. However, please be aware that failing to submit the NFP self-review return within the set timeframe may result in severe consequences including ineligibility for income tax exemption and potential penalties.  
• Ensure all details are current including your NFP’s address, associate information and contact details to ensure access to Online Services for Business. If updates are required, you may need to complete and submit a form to the ATO. 

Navigating these new requirements can be challenging, our team is here to assist you with every step of the process, ensuring accurate and timely submissions. Contact Simmons Livingstone today to learn more about how we can help at 1800 618 800 or via email at admin@simmonslivingstone.com.au.