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Tips for Sporting Clubs Lodging NFP Self-Review Returns
SW has been helping clients lodge their NFP self-review returns and share useful tips and insights about the process.
Not-for-profits (NFPs) self-review return is currently available on the Online Services section of the ATO website for the 2023-24 income year. While the ATO has granted a lodgement extension to the 31 March 2025, NFPs and sporting clubs must be prepared.
SW Accountants & Advisors are currently assisting their clients in lodging their NFP self-review returns and examining their tax-exempt status. We have some tips and insights from our experience with the process.
SW’s tips & insights
We have been helping clients lodge their NFP self-review returns and would like to share some of our initial tips and insights:
NFPs need to be able to access the ATO Business Portal to lodge themselves. If your BAS is currently lodged by a BAS Agent they will not have access to the NFP self-review return on the ATO BAS Agent portal. Only Tax Agents can access the NFP self-review return for their clients through the ATO Tax Agent portal. NFPs will have to appoint a Tax Agent if they require assistance in lodging the NFP self-review return.
If the NFP has never applied for a substituted accounting period for income tax the NFP’s year-end will be 30 June so the NFP self-review return will be due 31 March 2025
The questions on the NFP self-review return are relatively straight forward to answer but you will need to make sure that you have reviewed the NFPs governing documents to answer some questions.
Who is required to lodge?
Only self-assessing income tax exempt entities (e.g. sporting clubs) with an active ABN are required to lodge a NFP self-review return under the new self-assessing reporting arrangements. For those clubs applying the principles of mutuality as to their income tax obligations, there is no change to existing income tax return lodgement processes.
Entities that do not hold an active ABN, will not be required to lodge a NFP self-review return or satisfy ongoing ABN registration requirements.
Are there additional obligations?
Should the NFP determine that they are not tax exempt through this process, there are two additional obligations:
It is intended that the return for self-assessing income tax exempt entities will collect the information required to satisfy the new ABN requirements, without the need for these entities to provide further information.
Get in touch with SW
We can assist in your preparation for the new online return. To discuss your broader eligibility for income tax exempt status, please contact our tax and Tourism, Hospitality and Gaming (THG) industry experts.
Contacts
Stephen O’Flynn, Tax Director
Tim Stillwell, Chair of THG industry Group & Director
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