Source: New places to play in Gungahlin
Taxable not-for-profits (NFPs) need to lodge an income tax return or non-lodgment advice by 15 May.
Who needs to lodge?
Taxable NFPs include organisations that do not meet the criteria for income tax exemption. These organisations must lodge an income tax return to report their taxable income and pay any tax due. The types of NFPs that may need to lodge an income tax return include:
- NFP companies
- Other taxable companies
- Taxable trusts or partnerships
Lodgment due date
Organisations with an income year ending 30 June, have until 15 May 2025 to lodge the 2023–24 income tax return If you have an ATO approved SAP your due date to lodge the 2023-24 income tax return is determined by your approved balance date. It’s important for NFPs to meet this deadline to avoid any penalties or interest charges.
Preparing for lodgment
To prepare for lodgment, taxable NFPs should:
Review financial records: Ensure all financial records are accurate and up to date.
Determine taxable income: Calculate the organization’s taxable income for the financial year.
Complete the tax return: Use the appropriate tax return form for your NFP’s structure (e.g., company tax return, trust tax return).
How to lodge
There are several ways to lodge the income tax return:
Online: The quickest and easiest method is through Online services for business.
Registered tax agent: A registered tax agent can lodge the return on your NFP’s behalf.
Paper lodgment: If online lodgment is not possible, you can lodge a paper return by mail.
Support and resources
Here are some various resources to assist NFPs with their tax return lodgment:
NFP Guide to the Company Tax Return: This guide provides detailed instructions on how to complete the company tax return for NFPs.
Online services: Access to online lodgment and support tools.
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