EOFY for not‑for‑profits (NFPs) in Melbourne is more than a compliance checkpoint, it’s a chance to reinforce sustainability, governance, and community impact. With upcoming deadlines, proper EOFY planning ensures ongoing eligibility for concessions and grants.
Why EOFY matters for NFPs
Not‑for‑profits benefit from tax concessions such as GST, PAYG, FBT exemptions, and discounts, but only if they meet regulatory, governance and reporting standards. The ATO’s increased oversight means mistakes can result in lost concessions or unexpected liabilities.
Essential EOFY compliance areas
- Financial records and reconciliation
Ensure that bank transactions – donations, grants, fundraising income – are reconciled and categorised correctly. A clean balance sheet strengthens audit readiness. - Review of deductible gift recipient (DGR) status
To maintain DGR eligibility, ensure all eligible donations are correctly received with compliant receipts and recorded. - FBT and salary packaging adjustments
Fringe benefits like parking or car use require review. FBT exemptions apply to certain NFPs – but accurate documentation is essential. - GST and BAS lodgements
If turnover exceeds $150,000, NFPs must report quarterly GST. Pay particular attention to fundraising, membership, and grant GST implications. - PAYG withholding and superannuation
Ensure all salary staff and volunteers receiving taxable benefits are recorded correctly and super payments are finalised before EOFY.
NFP FAQs in Melbourne
- Do we need an annual audit?
NFPs reporting income over $250,000 may require an independent audit. Even smaller organisations should consider reviews to satisfy funders or stakeholders. - Can we prepay for future projects?
Yes. Prepayment of insurance, rent, or research costs before 30 June counts for this year and helps smooth budgeting next year. - What if a volunteer receives a small benefit?
A minor benefit under $300 typically isn’t classified as reportable FBT — but regularity matters.
Planning steps for EOFY readiness
- Conduct a full fund reconciliation and prepare your P&L and balance sheet.
- Confirm all DGR donations with compliant documentation.
- Review FBT exemptions and salary packaging arrangements.
- Prepare BAS and PAYG reports for lodgment.
- Plan forward: budget for 2025 grants and compliance requirements.
Conclusion
EOFY for Melbourne NFPs is about accountability, eligibility, and resilience. By reinforcing governance, ensuring compliance, and maximising concessions, you safeguard your mission and financial health. Opulent Accountants understands the unique NFP landscape, reach out now to ensure your organisation starts the next financial year strong.
