If you are preparing to hold your not-for-profit's annual general meeting (AGM) before the end of the year, it's a good time to review your NFP's activities and make plans if something is amiss. This includes checking if all your NFP's tax and super affairs are in order, and all your contact details and permissions are current.
There's a checklist for that
The NFP tax, super and registry responsibilities checklist is available to help all NFPs prepare for their next AGM.
The checklist is split into sections with information for different types of NFPs, such as self-assessing income tax exempt, charities, deductible gift recipients (DGRs) and taxable NFPs. It also covers tasks that apply to all NFPs, such as notifying us of changes to your details, director ID requirements, and a reminder to regularly review your NFP’s governing documents.
All NFPs must keep their details up to date, including Australian business number (ABN) details. If you've changed your NFP’s postal address, email address or the authorised person has changed, you must notify us of those changes within 28 days of the change occurring. It's especially important to update who is authorised to contact us on behalf of your NFP if you are welcoming any new committee members, or bidding farewell to those who are stepping down.
Preparing for your AGM is also a good time to review your NFP’s governing documents and whether they have appropriate clauses, such as prohibiting the distribution of income or assets for the benefit of specific people – both while operating and when winding up.
Staying informed
The Not-for-profit newsroom publishes articles each month to help you stay on top what's happening with tax and super within the NFP sector, such as lodgment reminders and changes within the space.
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