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  • Budgeting to pay tax

    The following suggestions can help you to budget for your not-for-profit (NFP) organisation's tax obligations:

    • GST reporting: Even if you are eligible to report your organisation's goods and services tax (GST) quarterly or annually, consider reporting monthly. Monthly tax periods may suit your organisation if it is likely to claim a GST refund regularly, for example, if your organisation has a large volume of exports compared with taxable sales, or if your organisation is likely to be making large outlays for capital equipment. You can claim GST credits sooner if your organisation has monthly tax periods.
    • Income tax: Estimate your organisation's income for the current financial year and its likely tax liability. Update your organisation's projection during the year as more information on sales and expenses becomes available.
    • Record keeping software: There are a number of commercially available products to help you budget for your tax. To find commercially available software that will assist you to meet your tax obligations, visit our Product Register at softwaredevelopers/ Link
    • Voluntary payments: You can make a voluntary or early payment to offset a future liability. You can do this by BPAY® or direct credit using your EFT code. Alternatively, you can request a book of personalised payment slips and use these to either pay over the counter at Australia Post or to send us a cheque through the mail.

      ® Registered to BPAY Pty Ltd ABN 69 079 137 518

    See also:

    If your NFP organisation is taxable, you need to know how to pay its tax, refer Paying the ATO.

    Last modified: 08 Jan 2019QC 16938