GOVERNANCE: Self-governance checklist for non-profit organisations
The Australian Taxation Office provides self-governance checklists for non-profit organisations. Having good governance practices in place helps non-profit organisations identify and manage tax and superannuation compliance risks and other risks that may impact on their reputation and work.
Good governance practices are central for non-profit organisations to manage risks to their performance and reputation. You need to have a sound framework in place to manage risks and comply with your tax and super obligations.
Most non-profit organisations show a strong desire to meet their tax and super obligations and responsibilities. When compliance issues arise, they are mainly due to mistakes or a lack of knowledge about how the tax and super systems work. This is often due to the regular turnover of office bearers and reliance on volunteers who may have limited tax knowledge.
To help non-profit organisations better understand and manage their obligations and safeguard their reputation, we have developed a self-governance checklist. This checklist will help you to identify, assess, and avoid material tax and super risks and help your organisation maintain high standards of compliance.
By providing the completed checklist to your board, committee or trustee, you ensure they are better informed about their tax and super risks.