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Superannuation Fund Tax Returns
Preparing a tax return for your super fund-
Auditors have requested that we now require copies of the bank account statements for the following July.
Example. To complete a 2024 Income Tax return we need all bank statements between 1st July 2023 to 31st July 2024.
Not-for-profit Self Review Returns
Not-for-profits including sporting clubs, societies and associations with an active ABN need to lodge an annual NFP self review return to continue accessing their income tax exemption.
Organisations need to lodge their 2023-24 income year reviews before 15th May 2025 (extension applied 1st July 2024)
The person responsible for the organisation will need to:
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Ensure the organisation has an active ABN by searching ABN Lookup.
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Have a myGovID or set up a myGovID and link it to the organisation’s ABN using Relationship Authorisation Manager. This allows you to access Online Services for Business and complete your NFP self-review return electronically.
If you cannot access Online services, you can lodge the return using the the ATO self-help service 13 72 26 and follow the prompts.
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Notify the ATO promptly if there are any updates needed for the organisation's address or responsible persons' details. Changes can be reported immediately through Online Services for Business or by contacting the ATO Business Enquiry Line on 13 28 66.
We recommend allowing plenty of time to gather the necessary information and complete the review thoroughly.
The self-review is designed to be easy to navigate, with 10 to 15 questions across 3 sections.
1. Organisation Details: This section includes basic information about the organisation, such as
Name
ABN
Contact details
2. Eligibility Assessment: Five questions are provided to determine whether the organisation qualifies for tax exemption based on its activities and purpose.
Estimated annual gross revenue range, small $0 - $150,000, medium $150,000 -$3,000,000 or large Over $3,000,000. Annual gross revenue is all the money that passes through the organisation in a financial year. This includes sales, interest, receipts from government, grants, donations and bequests, investment income and receipts from members.
Category that best reflects the main purpose of the organisation eg:
Sporting
Community service
Educational
Health
Cultural
Scientific
Resource development
Does the organisation apply its income solely for the purpose for which it was established? Yes or No
Does the organisation operate and incur its expenditure entirely in Australia? Yes or No
Does the organisation have any charitable purposes? Yes, No or Unsure
3. Summary and declaration
The summary shows the answers you gave to the questions in Steps 1 and 2. Based on your answers, you'll be given your taxable status as either Income tax exempt or Taxable
If assessed as Income tax exempt -
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Select the boxes to acknowledge your income tax exempt status and that the organisation isn't claiming any tax offset refunds for the income year
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Tick the box to sign the declaration on behalf of the organisation
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Submit to lodge NFP self-review return.
If an NFP organisation does not lodge the return they may become ineligible for the exemption and penalties may apply.
Useful links
For detailed information visit the ATO Website
LAND TAX
What is it?
Land tax is an annual tax based on the total taxable value of all the land you own in Victoria, excluding your principal place of residence (your own home).
It applies to all rentals, commercial properties, holiday houses and vacant a land.
When the total taxable value of such land is equal to or above $50,000 you must pay land tax.
This value gets calculated at midnight 31st of December.
What has changed?
The threshold was changed this year 31st December 2023 to $50,000 from the previous years $300,000.
This results in a greater number of land owners paying this tax.
For more information visit the State Revenue Office Victoria website.
https://www.sro.vic.gov.au/rates-taxes-duties-and-levies/land-tax-current-rates