As part of our ongoing commitment to keeping you informed and compliant, we would like to update you on new developments affecting not-for-profit (NFP) organisations in Australia.
The Australian Taxation Office (ATO) and Australian Charities and Not-for-profits Commission (ACNC) have recently introduced a comprehensive checklist to assist NFP organisations in meeting their taxation, superannuation, and registry responsibilities. This checklist is designed to streamline compliance and ensure your association adheres to all statutory obligations.
Key Highlights of the Checklist
- Taxation Obligations
- Reviewing eligibility for tax concessions (e.g., GST, income tax exemptions, and FBT rebates).
- Ensuring accurate reporting and lodgement of BAS and annual returns.
- Superannuation Compliance
- Ensuring superannuation guarantee contributions are paid correctly and on time.
- Understanding responsibilities for any employees and contractors under your association.
- Registry and Governance Requirements
- Updating and maintaining accurate details on the Australian Business Register (ABR).
- Meeting annual reporting requirements with the ACNC, including updates to Responsible Persons’ details.
- Record Keeping
- Maintaining proper financial records to support tax claims and deductions.
- Ensuring records are kept for the required duration under Australian law.
What This Means for You
As directors, it’s essential to familiarise yourself with these updates and ensure your association’s practices align with the checklist. Non-compliance may result in penalties or reputational risks, which we are committed to helping you avoid.
How We Can Assist
TAS are available to support clients in navigating these requirements.
We can:
- Conduct a compliance review tailored to your association
- Provide guidance on updating your systems and records.
- Offer training or resources to help your team stay informed.
- The TAS Academy is always available to deepen your knowledge regarding responsibilities and obligations as a board.
To access the official checklist, please click here.
We’re here to help you stay ahead of these changes and ensure your association continues to thrive, please contact us for further support and guidance.