Not-for-Profit

Not-for-Profit

Community and Not-for-profit organisations could enjoy the tax benefits, if they are fully exempt from income tax, GST and FBT. However, not every community and not-for-profit organisation is exempt from income tax and therefore, they are liable for tax obligations, especially the income earned from non-member activities, such as, fund raising through food fairs for non-members, raffle tickets sales to non members, lunch and dinner parties for non-members, etc…. Therefore, the profits derived from such activities are liable for income tax. However, the cost incurred for such activities could be deducted through apportioning between the taxable income and tax exempt income.

Our principal is an experienced community worker who has held a number of positions in community and not-for-profit organisations in Canberra as a treasurer, and specialised in providing a range of tailor-made accounting, taxation and business advisory solutions to improve the financial position while reducing the operational costs and enhancing the total effectiveness of the organisation.

These include:

  • Maximising income options and minimising operational costs
  • Maximising income from gift aid
  • Claiming GST refunds at the earliest possible time improving cash flow position of the organisation
  • Providing tailored-made accounting and book-keeping solutions for fast decision making
  • Preparing annual and monthly budgets and cash flows forecasts to improve and manage internal efficiencies
  • Prepare statutory accounts and annual financial statements on a timely manner
  • Tax advice on FBT and salary packaging, GST, DGR, and employment tax obligations
  • Risk mitigation, management and control
  • Introducing most suitable accounting and management reporting systems
  • Forward Projections and cash flow forecasting
  • Reducing operational costs through internal process improvements
  • Enhancing future revenue sources and grant funding
  • Protecting charity funds from introducing best operational systems and procedures
  • Producing financial statements on a timely manner to attract additional funding and grants
  • Providing management advises to the trustees and board of management to improve financial capabilities and to protect assets base

 

Not-for-profit organisations we serve for:

 

  • Churches and religious institutions
  • Community and child care centres
  • Clubs and associations
  • Arts and cultural societies
  • Environmental protection societies
  • Neighbourhood associations
  • Community museums and libraries
  • Scholarship funds
  • Scientific societies
  • Scouts associations
  • Sports clubs
  • Surf lifesaving clubs
  • Member based incorporated associations
  • Body corporates

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