Reporting to other stakeholders

Your corporation may have reporting obligations with other regulators and stakeholders such as the examples below.  

Charities

If your corporation is also registered as a charity with the Australian Charities and Not-for-Profits Commission (ACNC), you only need to lodge reports and changes to your corporation with ORIC. 

We share your reports and updates with the ACNC. The ACNC will treat your corporation as meeting their requirements and update the ACNC register. 

Tax

Your corporation’s tax obligations will vary based on:

  • the rules it has for using its profits
  • the types of activities is does
  • whether it has employees 
  • any benefits you might offer to employees.  

Check your rule book:

  • If there are rules preventing your corporation from giving money or property to its members, it is not-for-profit.
  • If there are no rules stopping distributions to members, it is for-profit. 

For-profit corporations

If your corporation is for-profit, you must prepare and lodge a company tax return and  business activity statements (BAS).

The ATO has more information about tax reporting for for-profit organisations.

A for-profit corporation’s purpose or main goal is to earn income and profit for its owners. They usually sell a product or services with the goal of making a profit. They can keep the money, share it with owners or investors, or reinvest it. 

Not-for-profit or non-profit corporations

Many not-for-profit corporations may be eligible for tax concessions and may not have to lodge a tax return.  

A not-for-profit corporation is a corporation that operates to fulfil its purpose (usually providing a service or benefit to the community) rather than for the profit of its members.

Any profits made can only be used to further its purpose; profits cannot be shared with members when the corporation is operating or when it winds up. 

See tax and super information on the Australian Taxation Office (ATO) website.

Income tax exemptions 

Tax law says that certain types of organisations don’t have to pay income tax. Read a summary of tax concessions for NFP organisations on the ATO website.

Non-charitable not-for-profit corporations with an active Australian Business Number (ABN) are required to lodge a self-review return to self-assess as eligible for income tax exemption. This annual reporting requirement came into effect on 1 July 2023. The first NFP self-review return that non charitable not-for-profits will lodge covers the 2023-24 reporting period.

If your corporation is registered as a charity with the Australian Charities and Not-for-profits Commission (ACNC) and has been endorsed by the Australian Taxation Office (ATO) as tax exempt, it does not have to pay income tax or lodge a self-review return. Check the charity register to see if your corporation is currently registered.

  • If your corporation is eligible to be a charity but is not registered with the ACNC, you will need to pay tax. To be exempt from paying income tax, your corporation must register with the ACNC and be endorsed by the ATO as tax exempt. You cannot self-assess for income tax exemption.
  • If your corporation is not eligible to be a charity but is a not-for-profit, has an active Australian business number (ABN) and meets one of the categories for income tax exemption every year it must complete a self-review return and lodge it with the ATO; your corporation may not have to pay income tax.  

Read about the reporting requirements to self-assess income tax exemption on the ATO website.  

Got questions about tax? Please seek help from your accountant or the Australian Taxation Office (ATO).

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