Your NFP's annual general meeting (AGM) is an important opportunity each year for you to give members a report on your NFP’s activities and finances for the previous year, invite questions from your members and elect new committee members.
Preparing for your AGM is also a great time to make sure that all your organisation's tax, super and obligations are up to date. Doing so will help your NFP run smoothly and reduce the chances of your organisation being subject to compliance activity or penalties.
Our NFP tax, super and registry responsibilities checklist is designed to record your important information in one place to help your NFP stay on track. The lead up to your AGM is an ideal time to run through this checklist and identify any action you need to take to keep on top of your obligations.
All NFPs need to have clauses in their governing documents that prohibit the distribution of income or assets for the benefit of specific people – both while it operates and when it winds up. This is especially important if your NFP has an ABN and is self-assessing as income tax exempt. If you need to update your NFP's governing documents, consider using your upcoming AGM to get your governing documents in order. Learn more at NFP governing documents.
And as part of welcoming any new committee members & bidding farewell to those who are stepping down, make sure you update your details with the ATO. You must update your ABN detailsExternal Link within 28 days of any changes, and you should review your authorisations in Relationship Authorisation Manager (RAM)External Link to confirm who has the authority to act on behalf of your NFP. You can use this use this handover checklist to help your new administrator or office bearer manage its tax affairs.
Keep up to date
Read more articles in the Not-for-profit newsroom and, if you haven't already, subscribeExternal Link to our free monthly newsletter Not-for-profit news to be alerted when we publish new articles.
For updates throughout the month, Assistant Commissioner Jennifer Moltisanti regularly shares blog posts and updates on her LinkedInExternal Link profile. And you can check out our online platform ATO CommunityExternal Link to find answers to your tax and super questions.