Not for Profits

It depends on your organisation’s size. Small charities with revenue under $500,000 can self-certify their financial information. Medium charities between $500,000 and $3 million must submit reviewed financial statements. Large charities over $3 million must submit audited statements. We prepare the appropriate level of financial reporting for your organisation’s size and ensure it is lodged on time.

Restricted grants must be used only for the purpose specified by the funder and must be acquitted at the end of the grant period. We set up fund accounting in Xero so restricted funds are tracked separately from your general operating funds, making acquittal reports accurate and easy to prepare.

If your organisation is registered for GST and makes taxable supplies, you can claim GST credits on your purchases. Many not-for-profits have a mix of GST-free, input-taxed, and taxable activities, which requires careful management of your BAS. We ensure the correct GST treatment is applied to all your income and expense types.

Public benevolent institutions and health promotion charities can offer staff salary packaging on general living expenses up to $15,900 per year, plus an additional $2,650 for meal entertainment. This allows staff to receive part of their pay tax-free, increasing their take-home pay at no additional cost to your organisation. We set up and manage these arrangements correctly in your payroll.

All charities are not-for-profits, but not all not-for-profits are charities. To be a charity, your organisation must be registered with the ACNC and have a charitable purpose as defined in the Charities Act. Charitable status brings specific tax concessions and reporting obligations. We help you understand which concessions apply to your organisation and ensure you are meeting all the associated requirements.