--- On Wed, 12/8/09, Matt White <mattwh...@iinet.com.au> wrote:
> I was more referring to the ongoing requirements -
> taxation/finance
> reporting (BAS statements are applicable to non-profits,
> but not sure
> about IAS statements), plus the yearly ones (GST, FBT
> amongst others -
> perhaps the ASIC registration).
non-profits are tax exempt, and don't need to do GST/BAS unless they turn over
more than $100,000/yr.
> Plus potentially public liability and other insurance, and
> as if the org
> was to pay anyone for work (and I guess iwe should probably
> aim have a
> viable enough operation to require at least part time
> employees), you
> get into PAYG, super and the like.
Let's not get too far ahead of ourselves too soon, we don't even have an entity
let alone be in a postition to have employees.
As for public liability, it is limited to $2mil in NSW for non-profit
associations, also unless you are running sporting events the risk of being
publically liable is very low. Just because you are a member and have a car
accident in the process of mapping would be out of the scope of the association
as that is an activity you are doing on your own initative.
> It doesn't cost much to start a non-profit, but it does
> cost money to
> operate one. Not 100% on this, but for companies, things
> like the end of
> finacial year tax stuff has to be signed off by an
> accountant, plus all
> the other incidentals.
If this goes ahead there will most likely be an accountant involved doing all
the books/paper work so that should be covered.
> (I'm not trying to be negative here - just speaking from
> having spent
> the last decade dealing with all this stuff after
> registering a company
> 13 years ago cos it was cheap and seemed like a good idea
> at the time...)
Companies are a completely different thing entirely, they are for profit for
starters, and don't get tax exempt status, not the same thing as a charity, it
just means the entity wouldn't normally be liable to pay GST other taxes for
anything.
> However, any money we donated to the chapter would be a tax
> deduction,
It's very difficult to get that status with the ATO, there is 40-50 categories
and they all deal with benefiting the community in health or education or the
arts or enviromental groups or shelters etc.
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