As some of you may be aware, the ATO is requiring some NFP organisations, like our member clubs, to self assess their activities and see if they believe they are exempt from having to file an income tax return as of this year. Although the ATO’s time line has slipped a little, there is no doubt that the ATO is seeking to capture NFP income streams for taxation purposes, unless your club fits some very tight definitions.
To help our members out, and to give you some guidance and tools, NHMA has commissioned formal advice from a senior accounting firm, RSM in Sydney, Myles Pover, a partner at the firm, has prepared an overview document for NHMA which has been distributed to all member clubs. If you would like us to resend you this document please contact your state committee member.