Hello Chasers,
If you are part of the community sporting clubs such as cricket clubs, horse riding associations, and even pigeon racing enthusiasts, there’s some important news on the tax front that you need to know.
Basically, to keep getting that helpful tax break (think of it as free equipment or new uniforms!), Not-for-profit sports clubs (NFPs like your awesome sporting club) need to do a new yearly “self-review” return. It’s about making sure your main goal is supporting your sport (not, say, throwing epic pool parties every weekend).
Here’s the lowdown:
Who needs to do it?
Any NFP sporting club, society, or association with an active ABN. Don’t worry, you can check if you have one online by going to the ABN Lookup site!
What’s the goal?
Just make sure your main purpose is truly encouraging your chosen sport or activity. Think coaching kids, organising tournaments, or cheering like crazy from the sidelines.
How do I do it?
Check your club’s founding documents to see its main purpose, then make sure your activities throughout the year reflect that. Think less bake sales, more training sessions!
When’s it due?
Mark your calendars! You have from July 1st to October 31st, 2024, to do your first self-review. Don’t be late, or you might miss out on that tax exemption! ⏰❌
What if I’m part of a bigger group?
No worries! Even if you’re under a larger sporting umbrella, you still need to do your own self-review if you have your own ABN.
Remember: This is just a friendly reminder, not tax advice. If you have questions, feel free to contact our office, and we’ll be happy to help you navigate the sporty tax world!
So don’t wait, fellow NFP champions! Get your self-review done and keep those tax breaks!
Have a great day!
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