Not for profit entities that aren’t registered charities are now required to complete an annual Not For Profit Self Review return.

Lodgement Date Update – Not-for-profit (NFP) reporting requirements for self-assessed income tax exemption

The NFP self-review return due date is approaching. For all NFP’s who have yet to lodge a return with a 30 June 2024 year end the new lodgement date is 31 March 2025.

Non-charitable NFPs with an active Australian business number (ABN) must lodge the return to confirm their eligibility for income tax exemption.

However, an entity that has a different year end date, will need to apply to the ATO to adopt a Substituted Accounting Period (SAP) and be approved.

SAPs may be granted to NFPs where they can demonstrate that an ongoing event, industry practice, business driver or other ongoing circumstance makes 30 June an inappropriate or impractical balance date.

For more information on lodgement due dates and substituted accounting periods please see link: ATO Lodgement Dates

Who will need to lodge? 

Various categories of NFPs will not be included in the new return and will not have a lodgement obligation.

However, if your NFP falls into the below category it will need to self-assess and lodge a return with the ATO:

  • Community service organisations
  • Cultural organisations
  • Educational organisations
  • Health organisations
  • Employment organisations
  • Resource development organisations
  • Scientific organisations
  • Sporting organisations

Any NFP’s who do not meet the above categories but are either one of the following are considered exempt from lodging the return:

  • Government entities
  • Taxable not-for-profits
  • NFPs with only charitable purposes
  • Non-profit sub-entities for GST purposes

What changed for not for profit organisations in 2024? 

The not-for-profit (NFP) self-review reporting is arguably the largest change in this sector since the establishment of the Australian Charities and Not-for-Profit Commission (ACNC) in late 2012. It is important to note that no changes have been made to the legislation allowing entities to self-assess their income tax exempt status. Every organisation that has been appropriately self-assessing its status the Income Tax Assessment Act 1997 will remain eligible to self-assess for the income tax exemption from 1 July 2024.

The new requirement asks these organisations to formally report the specific basis of their assessment, by reference to the category of organisation and the specific eligibility criteria that apply to that category.

It has always been a requirement that these organisations review their eligibility to self-assess for the income tax exemption on an ongoing basis and now it will be a requirement that this assessment is lodged with the Australian Taxation Office (ATO).

We note that there is no requirement to provide detailed financial information outside of disclosing a revenue band into which the organisation falls, which allows the population to be dissected on the basis of size in the future.

How will an organisation know if they need to lodge? 

For those organisations already identified by the ATO, the return will be automatically generated. It will show on the entity’s ‘For action’ page in Online services for business (OSB), which may help identify the requirement for some organisations that lodge periodic activity statements via this method. Tax or BAS agents who assist with meeting GST obligations may be well-placed to identify.

Call to Action

As the Not For Profit self review return reporting regime is relatively new, we would suggest the following actions:

  1. Contact the NFP accounting specialists in our Business Services Team to discuss the matter.
  2. Allow us to review your reporting obligations and notify you whether you meet the requirements of having to lodge a return and if there is the potential of the organisation meeting a taxable outcome.
  3. If you are considered a reporting entity, we would highly suggest that you allow our office to prepare and finalise this return.

Should you have any questions or wish to discuss this matter further, please do not hesitate to contact our office.

In October, MGI staff were proud to support Stepping Stone – one of our valued Not-for-profit clients.

Stepping Stone is a community-based organisation that addresses the serious impact of mental illness giving its members opportunities to grow with friendships, employment, education affordable housing and providing access to the services and supports they need.

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Our team including Antonio, Ella and Amy got the opportunity to sit in on the daily task meetings and volunteer to help out in the Café and Kitchen to prepare meals for up to 40 staff and community members. It was a great opportunity to see first-hand, the great work Stepping Stone is doing for its community members at the Coorparoo Clubhouse. With some of our staff also local to Coorparoo, it was a great way for us to ‘give back’ and support this fantastic organisation.

Made in Queensland (MIQ) is a $121.5 million Queensland Government program helping small and medium sized manufacturers to increase international competitiveness, productivity and innovation, and to generate high-skilled jobs for the future. MIQ supports traditional manufacturers to adopt industry leading equipment, technologies, systems and processes.

Applicant guidelines for Made in Queensland round 7 are now available and the online application form is open. Applications will close at 1.00pm on Friday 24 January 2025.

Queensland-based manufacturers looking to adopt industry leading equipment, technologies, systems and processes that include energy efficiency, export, reshoring, supply chain improvements, sustainability and/or advancement of decarbonisation and net zero outcomes are encouraged to apply for matched funding grants of $50,000 to $2.5 million.

In Round 7, up to $2.5 million (excluding GST) of available funding has been set aside for applications which do not involve the purchase of equipment (see Section 2.3.3) and are seeking less than $250,000 (excluding GST) each in funding. These applications will proceed through the same two-stage competitive selection process as all other applications

Successful MIQ applicants will be required to execute a funding agreement with the Queensland Government. An example funding agreement is provided below for information purposes.

MIQ – Round 7 Funding eligibility and application guidelines

Please contact the team at MGI if you have any questions or need assistance in your application.

Round 2 of the Manufacturing Energy Efficiency Grant Program is now open.

The Manufacturing Energy Efficiency Grant (MEEG) Program is a $7.1 million Queensland Government program helping the manufacturing sector to increase their competitiveness in a low carbon future by implementing energy efficiency measures that reduce energy costs and operational emissions.

Applicants should allow up to 12 weeks from submission for assessment of the application.

Queensland-based manufacturers looking to increase energy efficiency measures and technology, reduce energy usage and costs, reduce emissions and increase awareness of energy use are encouraged to apply for grants of up to $50,000. The applicant guidelines provide the full details including eligibility and assessment criteria.

Applications will close on 30 June 2025 or when all funding for this round is allocated.

Round 2 – Manufacturing Energy Efficient Grant Guidelines and Submission Form

Please contact the team at MGI if you have any questions or need assistance with your application for an energy efficiency grant.

Manufacturing grants are available through the Manufacturing Grants Hub Program (MHGP) to assist eligible businesses in the Cairns, Central Queensland, Gold Coast, Mackay and Townsville regions.

These grants are an opportunity for manufacturers to become more productive, build advanced manufacturing capabilities and create the jobs of the future through:

  • technology adoption
  • skills and training
  • business development
  • advanced robotic manufacturing hub services.

Grants between $10,000 and $500,000 are available for eligible manufacturing small to medium enterprises.

The Program (MHGP) supports the growth of Queensland’s regional manufacturing industry by helping small to medium enterprises (SMEs) build their advanced manufacturing capabilities.

The program helps regional manufacturing SMEs to:

  • improve productivity by building international competitiveness, generating jobs and stimulating private sector investment
  • adopt new technologies in equipment, robotics, processes, systems, software, data use and analytics
  • improve energy efficiency and sustainability, and progress energy and carbon footprint management
  • create and maintain high performing workplaces through increased management capability, leadership, and the development of skilled employees including advanced manufacturing apprenticeships and traineeships

Round 4 of the MHGP will be open to eligible applicants until 30 June 2025 or until all funding has been allocated.

For more information on how to apply and program guidelines visit the Queensland Government Manufacturing Hub Grant Program website.

If you have any questions or need assistance with your application, please reach out to the team at MGI.

The Lord Mayor’s Women in Business Grant will provide funding to support women-owned businesses to grow and develop. Eligible businesses can apply for a grant of up to $5,000 (excluding GST) to build their business capability and also boost local economic impact.

This Women In Business grant opportunity has already opened and applications close at 4pm on 14 October 2024.

Eligibility Criteria:

  • To have an active ABN and be registered in Queensland
  • Headquarters/business outlets based in the Brisbane Local Government Area
  • Must be an Australian Resident/Citizen
  • Must be a woman in business with a minimum of 50% ownership of the business
  • Applicants must be 18 year of age (proof of ID) at time of application
  • The business needs to be operating/trading for the full financial year of 2023/24
  • Not be insolvent or have owners/directors that are an undischarged bankrupt
  • Annual turnover between $75,000 and $500,000

More information can be found on the Brisbane Business Hub but don’t hesitate to contact the team at MGI for any assistance.

The Business Basics grant program provides support to businesses to increase core skills and adopt best practice. This round of Business Basics (Round 6) is focused on business enhancement. The program is administered by the Department of Employment, Small Business and Training (DESBT).

This program is applicable for businesses with less than 5 employees and a turnover of less than $300,000. With increased funding to $7500, start planning your registration of interest in the latest round of small business grants, Business Basics.  Applicants can apply for funding for grant funded activities under the following priorities:

  • Professional business advice
  • Strategic marketing services
  • Website build and upgrades.

Eligible activities

1. Professional business advice

  • Business plans
  • Financial planning and budgeting
  • Business structure advice
  • Operational efficiency reviews
  • Business mentoring and guidance
  • Strategic partnerships and networking

2. Strategic marketing services

  • Strategic marketing plans including search engine optimisation advice
  • Content marketing strategy
  • Market research
  • Branding strategy
  • Customer Relationship Management (CRM) implementation

3. Website build/upgrades

  • Website build or upgrade (including website refresh)
  • Adding eCommerce functionality
  • Developing new website content
  • Integration with third-party tools

Opening Date: Registration of Interest (ROI) opens at 9am, Monday 30 September 2024.

Closing Date: Stage 1: Registration of Interest (ROI) closes at 5pm, Friday 11 October 2024

Access to supporting documentation and eligibility criteria is available on the Queensland Government Business website.

Please reach out to the team at MGI, if you need support in preparing your application.

August 16th, 2024 kicked off the Hoops4School Challenge to take aim at the urgent issue of education disengagement in Australia. For 20 days, participants were sinking hoops daily to spotlight the 20% of teenagers disengaged from mainstream education.

Busyschool Corporate Challenge(1) Busyschool Corporate Challenge Picture3a

As part of the fundraising activities over August through to September, team members from MGI, including Antonio, Gavin, Nick and Jemma, had the pleasure to get involved and show support in the Hoops4Schools Corporate Challenge held at Coomera Indoor Sports Centre to also raise money for The BUSY Schools program. The BUSY School is part of The BUSY Group which was formed initially to provide Apprenticeships support services to businesses across Queensland.

With the group continually growing to offer a range of additional services, The BUSY School started opening campuses in 2019, offering an alternative, supportive and innovative approach to education. Their initiative is to help transform the lives of year 11-12 students who have become disengaged from traditional education and support them to reengage, complete their QCE and find a career pathway. They now have 9 campuses in total across the south-east including Cairns. We were proud to get involved in the round-robin team corporate challenge and help fundraise for such an important cause. There was over 120 corporate attendees and students participating across 16 teams and MGI and CoAct finished a credible 3rd place overall.

This year, the Busy Schools goal has been to enlist over 1,000 participants and raise $80,000 for The BUSY School. The funds raised through the year including the Corporate Challenge will support students, staff, and programs for alternative learning solutions, expanding engagement in communities across Australia.

Running a small or medium-sized enterprise (SME) comes with its own set of challenges, especially when it comes to managing finances. For many SMEs, hiring a full-time Chief Financial Officer (CFO) may seem out of reach. That’s where a Virtual CFO may become a cost-effective, flexible solution that brings top-tier financial expertise to your business. But what exactly does a Virtual CFO do, and how can they benefit your SME? 

What Is a Virtual CFO?

A Virtual or Outsourced CFO (Chief Financial Officer) is a financial expert who provides CFO services on a part-time, remote basis. Unlike a traditional, full-time CFO, an External CFO works with multiple clients and is often available on-demand or through a set retainer. This model offers SMEs access to high-level financial strategy and insights without the overhead of a full-time executive salary.

How Can a Virtual CFO Benefit Your Small or Medium Sized Business?

An outsourced or external Chief Financial Officer is a great resource for high growth businesses that have reached a level of success and want help to ensure they’re taking full advantage of all opportunities. Having access to specialist financial expertise can help you achieve long term growth and success and feel confident with key business decisions.

1. Cost-Effective Financial Leadership

A full-time CFO can be expensive, especially for an SME. Outsourced CFO services provide the same level of expertise and guidance but at a fraction of the cost, allowing you to allocate resources more effectively.

2. Strategic Financial Planning

An external CFO can help you develop and implement strategic financial plans, ensuring your business is on the right track to achieve its financial goals. They analyse financial data, forecast future performance, and advise on the best financial strategies to maximise profits.

3. Cash Flow Management

Cash flow is the lifeblood of any business. A outsourced CFO can help you manage cash flow more effectively by identifying potential issues before they become critical, advising on cash flow optimization strategies, and helping you maintain a healthy balance between incoming and outgoing funds.

4. Budgeting and Forecasting

With a Virtual CFO, you gain access to sophisticated budgeting and forecasting tools that provide a clear financial roadmap. This helps you make informed decisions and stay ahead of potential financial challenges.

5. Risk Management

Every business faces financial risks, but not all SMEs have the expertise to manage them effectively. An outsourced advisor can help you identify, assess, and mitigate financial risks, protecting your business from potential threats.

6. Financial Reporting and Compliance

Navigating the complexities of financial reporting and regulatory compliance can be daunting. A Virtual CFO ensures that your financial reports are accurate and that your small business remains compliant with all relevant regulations, saving you from costly penalties and fines.

Frequently Asked Questions (FAQs) About Virtual CFOs

A Virtual CFO is a financial expert who provides CFO services on a part-time, remote basis, offering the same level of expertise as a full-time CFO without the associated costs.

The cost of a Outsourced CFO varies depending on the services required and the time commitment. Typically, it is significantly less expensive than hiring a full-time CFO.

If your business needs high-level financial strategy and management but cannot afford a full-time CFO, a Virtual CFO may be the perfect solution.

Yes, an External CFO can assist with tax planning, ensuring your business takes advantage of all available tax benefits and remains compliant with tax laws.

Yes, reputable Virtual CFOs adhere to strict confidentiality agreements and use secure systems to protect your financial information.

Is a Virtual CFO Right for Your SME?

A Virtual CFO offers a unique opportunity for SMEs to access top-tier financial expertise without the financial burden of a full-time hire. Whether you need help with strategic planning, cash flow management, or financial reporting, an External CFO can provide the support your business needs to grow and thrive.

MGI offer CFO Advisory services that could benefit your business. We provide both in person and virtual CFO services, so can provide a tailored service to meet your required needs and budget. Contact our team of financial experts to get the help you need to grow your business.

The Queensland Department of Employment, Small Business and Training (DESBT) has announced that HR support grants of up to $5,000 (excl. GST) are now available for small businesses.

These grants are designed to assist small businesses in addressing their workforce challenges.

Small businesses eligible for the grant must: 

  • Have an active ABN
  • Demonstrate their principal place of business in QLD
  • Be registered for GST
  • Have < 20 employees
  • Have an annual turnover of less than $10 million
  • Demonstrate at least 50% of the business’s income is generated directly from the business
  • Declare that owners/directors are not insolvent or undischarged bankrupt

Additionally small businesses must have engaged with an Industry Workforce Advisor to complete a workforce plan that clearly identifies the workforce challenges and solutions to address these immediate HR needs through the use of the HR Support grant.

Industry Workforce Advisors have been established to provide tailored assistance to small to medium employers by developing workforce plans to address gaps in their workforce. To be eligible for the HR support grant, workforce plans must be completed in collaboration with an Industry Workforce Advisor.

Applications close on 30 June 2025 or until the $1 million of funds available are exhausted (whichever is sooner).

For all eligibility criteria and how to apply, click the Qld Govt Grant website.

Please do not hesitate to contact the MGI team if you have questions or need assistance for your application process.

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