You may have read our recent article on the new annual reporting requirements for tax-exempt not-for-profit (NFP) organisations. From 1 July 2024, eligible NFPs must complete a self-review return by 31 October each year to maintain their tax exemption status.
The ATO has just extended the deadline for NFPs to lodge their first self-review return. The new due date is 31 March 2025, giving NFPs five additional months to prepare. This extension addresses concerns raised by the NFP sector regarding readiness and capacity to meet the original 31 October deadline.
While this extension provides valuable extra time, we urge NFPs to use it wisely! Here’s what you should do:
- Ensure your organisation’s ABN details are up to date
- Review your purpose and governing documents
- Understand your revenue sources and tax obligations
- Set up your myGovID and link it to your organisation’s ABN using the Relationship Authorisation Manager.
Remember, you can lodge your self-review return any time after 1 July 2024. Early submission can help you avoid last-minute stress and ensure uninterrupted tax-exempt status.
Need help navigating the new not-for-profit reporting requirements?
Chat with our experienced accounting team
Our team of specialists have extensive experience working with not-for-profit organisations.
You can reach out to us by:
- calling us on 03 5221 6399
- emailing via info@davidsons.com.au.
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This article was written by Audit and Assurance Manager Lucy Partridge.
Disclaimer: The information provided in this article is factual in nature and objectively ascertainable and, therefore, does not constitute financial product advice. Importantly, the factual information that has been supplied does not take into account your personal circumstances, objectives or goals.