Starting June 30, 2024, the Australian Taxation Office (ATO) has introduced new NFP annual reporting requirements that will affect all not-for-profit organisations (NFP). This new mandate requires NFP’s to annually confirm their eligibility for tax exemption status using a specific self-assessment tool provided by the ATO.
Understanding and adapting to these changes can be challenging, especially with the technical aspects of tax laws and compliance demands. To help clubs manage these new requirements efficiently, registered company auditors are now offering their expertise.
Francis A Jones is equipped to assist NFP’s with the following tailored services:
- Assistance with the Self-Assessment Tool: We will help ensure that your organisation correctly completes and submits the required information to maintain its tax-exempt status.
- Lodgement Services: We can take care of documentation filing with the ATO, ensuring accuracy and timeliness.
- Guidance on Self-Review: We offer advice and support to help your club understand the new NFP annual reporting requirements and establish best practices for ongoing compliance.
These new ATO reporting requirements are crucial for NFP’s to understand and implement. By engaging a professional auditor, the NFP can simplify this process and ensure that your NFP remains focused on its primary activities and community contributions, rather than getting bogged down with tax compliance issues.
For further information or to arrange a consultation, NFP’s are encouraged to get in touch. Let us help you navigate these new requirements, making the transition as seamless as possible and allowing you to keep your attention on what matters most — your members and your community.
If you would like to discuss your auditing needs in more detail, please contact Daniel and the FAJ audit team directly on 9335 5211 or at daniel@faj.com.au.
Author: Daniel Papaphotis
Email: Daniel@faj.com.au
