Did you know that you're legally required to keep certain records for your not-for-profit (NFP)? All organisations including NFPs are required to keep accurate and complete records of all transactions relating to their tax and superannuation affairs. Generally, for tax purposes, you must keep your records in an accessible form (either printed or electronic) for 5 years.
Records that you are required to keep include:
- governing documents
- financial reports
- tax invoices
- documentation relating to grants
- registrations and certificates.
A good record keeping system will help you run your NFP successfully and help you manage your tax and super obligations.
If your NFP is endorsed as a deductible gift recipient (DGR), you must keep records that explain all transactions and other acts relevant to your organisation's status as a DGR. This requirement applies to both endorsed DGRs and listed by name DGRs.
If you want to learn more about effective record keeping to keep your NFP on track, take our online Record keepingExternal Link course. This free course will give you the opportunity to dive deeper into the records you need to maintain and ask questions relevant to your NFP. NFPs share many tax obligations with small businesses, and the Small Business online learning platform is a valuable resource to help you avoid common mistakes and understand the tax and super obligations of your NFP better.
If your NFP needs more information phone our NFP Advice Service on 1300 130 248, Monday to Friday, 8:00 am to 6:00 pm AEST.
Keep up to date
Read more articles in the Not-for-profit newsroom and, if you haven't already, subscribeExternal Link to our free monthly newsletter Not-for-profit news to be alerted when we publish new articles.
For updates throughout the month, Assistant Commissioner Jennifer Moltisanti regularly shares blog posts and updates on her LinkedInExternal Link profile. And you can check out our online platform ATO CommunityExternal Link to find answers to your tax and super questions.