From 1 July 2024, non-charitable not-for-profit entities with an active Australian Business Number (ABN) that want to access an income tax exemption are required to lodge an annual self-review return.

The new rules and their application seem to be causing a lot of confusion, so it’s worth noting who IS NOT required to report under the new rules. Entities that are not required to report include:

  • Charities registered with the Australian Charities and Not-For-Profits Commission cannot self-assess, therefore, are not captured by these new reporting requirements. This would include for example, the Active Surf Clubs and RSL Sub Branches
  • Entities that are taxable, but their income is wholly or partially exempt because of the principal of mutuality, for example, the Supporters of Surf Clubs and RSL Memorial Clubs.

We understand you may require some assistance navigating this new regime in the first year, so please do not hesitate to contact our tax team if you have questions or concerns over your requirement to lodge, or assistance with lodgement of you are required to lodge an annual self-review return.