What is self-assessment?
The self-assessment system allows organisations to work out for themselves what their income tax status is. All organisations, with the exception of charities and ITEFs, are able to determine for themselves whether their organisation is taxable or income tax exempt.
What are the steps for working out my organisation's income tax status?
The steps for working out the income tax status of your organisation are explained in Income tax exempt organisations.
What if I work out my organisation is income tax exempt?
If you work out that your organisation meets all the requirements for income tax exemption:
- your organisation will not need to pay income tax, capital gains tax or lodge income tax returns (unless specifically requested to do so)
- you do not need to get confirmation of this exemption from us
- you should carry out a yearly review to check whether your organisation is still exempt. You should also do this when there are major changes to your organisation's structure or activities.
The Income tax status review worksheet for self-assessing non-profit organisations will help you to work out your organisation's income tax status.
What if I work out my organisation is not income tax exempt?
If your non-profit organisation is not exempt from income tax, it is taxable.