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Not for Profit Tax Self Review Made Easy

Published Thu 18 Jul 2024
A reminder regarding the new ATO Annual Reporting requirements for sporting associations that will be due in October.
 
Non-charitable not-for-profits have always had to review their eligibility to self-assess as Income Tax exempt – the new thing is the ATO requires this self-review to be done in the form of the Return (the reporting requirements).
 
Clearing House for Sport presented an information seminar on this and the link to the recording, documents and fact sheet is below to assist you with the requirement.
 
 
The following table of tips from the presentation may also assist you and attached the Fact Sheet.
 
Please pass this onto your clubs.
 
     
Lodgement sections
Tips
ORGANISATION DETAILS
  • Authorised contact and address details, ABN
  • Estimated annual gross revenue range:
    • Small $0 - $150K
    • Medium $150K - $3m
    • Large >$3m
Check your ABN details are up to date:
Get ready to access online services:
  • The NFP’s associate needs to set up a myGovID with either Standard or Strong identity strength
  • They then need to link it to your organisation’s ABN in Relationship Authorisation Manager (RAM)
  • Go to ato.gov.au/mygovid
Financials:
  • Estimate an annual gross revenue range – these are NOT your actual financials
INCOME TAX EXEMPTION SELFASSESSMENT
  • Advise the type of exempt category the NFP is self-assessing against
  • Around five questions testing eligibility
  • Primarily yes/no style questions
  • Links to guidance to assist completion
Conduct a self-review early:
Questions:
  • Sporting organisation – you only see the questions that you then see to answer only relates to sporting orgs
  • The 5 questions are in a yes/no
  • you can hover on help texts and see tips
  • you can click on website links to get more information
SUMMARY AND DECLARATION
  • Save and print
Review before you submit
  • This enables you to save and print a copy and take to your Board for review
  • Can do an early self-review, start looking at this before the 1 July
Files for download
ATO-Fact-Sheet-NFP-self-review-return-May-2024 helpful hints for not for profit review form access
Tax for Sporting NFP