Reminder: ATO Changes for the New Financial Year 

A desk with a stack of Australian tax forms, a spread of Australian dollar bills, and coins. The word ‘TAX’ is spelled out in large, yellow block letters standing on piles of coins. In the background, there is an open calendar showing the year 2024.

As we enter the new financial year, it’s important to remind all clubs about the upcoming changes introduced by the Australian Taxation Office (ATO), Michael shared this information in February 2024’s eNews. (https://ascca.org.au/blog/atochanges-february-2024/)  

The ATO has introduced a new form for not-for-profit entities that don’t presently lodge an income tax return. This new form, called the NFP self-review return, will need to be lodged annually starting from the 2023-24 tax year. The form is expected to be lodged online and can be found using this link:  https://www.ato.gov.au/businesses-and-organisations/not-for-profit-organisations/your-organisation/not-for-profit-self-review

This new requirement will affect all our members that hold an ABN, except those who currently lodge an Income Tax Return, are a tax-exempt government entity, or are charities registered with the Australian Charities and Not-for-profits Commission (ACNC). 

Here are a few steps to help your Club prepare: 

Review Your Constitution: Ensure it includes a prohibition on distributions to members. 

Appoint a Responsible Person: Assign someone who will be responsible for preparing the return. 

Obtain a myGovID: The responsible person will need to obtain a myGovID and link it to the ABN of the Club. Please note that myGovID is an identity verification tool and is not related to your myGov account. 

If you have any questions or need further assistance, please don’t hesitate to reach out.