24 April 2024 | Tennis Victoria

Governance and Compliance update for Clubs:

Please be aware that from the 2023–24 income year onward, Not-for-profits (NFPs) with an active ABN will need to lodge an annual NFP self-review return in order to access income tax exemptions.

NFP’s can lodge the self-review return anytime between 1 July and 31 October 2024.

If an NFP doesn’t submit their NFP self-review return, they may become ineligible for an income tax exemption and penalties may apply.

We encourage all clubs to speak to their registered tax agents/accountants about lodging the self-review return.  If any clubs prepare their own returns, they can seek guidance from the ATO on how to prepare the return. Details on how to lodge the return can be accessed here.

The ATO has also provide some practical tips on how to prepare which can be access here.