The ATO has issued the following reminder:
‘If your not-for-profit (NFP) organisation has elected to pay and report its GST annually, it must do so by 28 February 2017.
Your organisation can choose to report and pay GST annually as long as it:
- is not required to register for GST, and
- has not elected to pay GST by instalment amounts.
Your organisation can make this election in any financial year:
- from 1 July to 21 August, if it reports monthly
- from 1 July to 28 October, if it reports quarterly.’
For more information – see the ATO website.
(b) ACNC Annual Return
The ACNC has reminded the NFP sector that:
‘On 31 January 2017, over 33,000 registered charities will be required to submit their 2016 Annual Information Statement.’
It noted that:
‘To maintain charity status it is a legal requirement to submit an Annual Information Statement. For medium and large charities a separate annual financial report is also required.
The Charity Register is now being used widely by donors and the public. If your charity is not up to date with its Annual Information Statement, this may be seen as a sign of poor governance.
To help registered charities submit their Annual Information Statement, we have published a range of guidance materials, which you can access free of charge at acnc.gov.au/2016AIS.’
(c) Ancillary Funds
The ATO has reminded all public and private ancillary funds to lodge their annual information return by 28 February 2017. It has added:
‘Last September, we announced new streamlined reporting requirements for private and public ancillary funds.
- If your ancillary fund is a charity registered with the ACNC, you now only need to report once using the ACNC Annual Information Statement, available at gov.au
- If your fund is not registered as a charity with the ACNC, you need to download and complete our Ancillary fund return 2016. For step-by-step instructions, see Ancillary fund return instructions 2016.
If you can’t lodge by the due date, phone us on 1300 130 248 before the due date to try to arrange extra time to lodge. Otherwise, you may be liable for an administrative penalty.’