Finance Matters for Clubs
Over the coming months you may receive an email from the ATO in relations to new Not For Profit Income Tax Self Review Returns.
Up until now, all NFP organisations that were exempt from income tax, were able to complete a self-assessment to ensure they were still eligible for income tax exemptions, and keep this on file.
As of the 1st July 2024 for the 2023-2024 income year, this will now change and these assessments will need to be completed online and lodged with the ATO. Entities that are a registered charity will NOT need to complete this.
When it comes time to lodge your club’s income tax self-assessment, your accountant should provide you with a form to complete that will allow you to lodge this assessment online.
Included is a link from the ATO should you wish to read more about this new process. How to prepare a NFP self-review return | Australian Taxation Office (ato.gov.au)
NB: It applies to any club that has an ABN and that currently do NOT process an income tax return.
Please contact your club’s accountant if you have any questions.
