Not for Profit Self return reporting NFP

Preparing a Not For Profit self-review return

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If your not-for-profit (NFP) organisation has an active ABN at June 30th 2024 you must lodge an annual NFP self-review return starting from the 23/24 income year.

Those who don’t have to complete the NFP self-review return include:

  • Certain types of government entities
  • An Australian Charities and Not-for-Profits commission (ACNC) type of entity
  • Taxable NFP
  • NFP sub-entity for GST purposes
  • Excluded entities (list here)

Information required for the self review include:

Step 1. Organisation Details

Step one, you’re required to provide information on the size of your NFP. This is assessment is of the annual gross revenue for the organisation split into the following categories;

  • Small: $0-$150,000
  • Medium: Over $150,000 – $3,000,000
  • Large: Over $3,000,000.

Step 2. Income tax self-assessment

Next is to choose a category that best reflects the main purpose of the organisation. Looking at it’s governing documents, activities, use of funds and history. Options to select from Include:

  • Community Service
  • Cultural
  • Educational
  • Employment
  • Government and NFP sub-entities
  • Health – hospital
  • Health – private health insurer
  • Resource Development
  • Scientific – other
  • Scientific – research fund
  • Sporting
  • None of the Above

Depending on the answers given in Steps 1 and 2, your organisation will be given a tax status of either

  • Income tax exempt
  • Taxable

To lodge your self-review return, from 1st of July 2024 the easiest way will be from the ATO’s Online Services page (making sure your ABN details are up to date and your myGovID is all set-up).

If you require additional time past 31 October 24, the ATO are allowing lodgement up to 31 March 2025.  You don’t need to request the extension. Also worth noting, auditors need to be independent from the running of the organisation & as such are not able to complete the audit & also help with the self assessment return.

For any questions relating to your NSFP self-review return, please don’t hesitate to get in touch with us at STS Accounting.