The Committee wishes to inform all members of some compulsory tax changes which will take effect from 1 September 2017.Peninsula Bridge Club is a non-profit association, but is still subject to taxation rules. We are fortunate to have Bob Whiddon as Treasurer, who is a qualified accountant, and who has been ensuring that the Club meets all its financial responsibilities.
This year our annual turnover reached an annual rate of $150K and as a result, we are required by law to register as a GST entity. This means we must pay GST on our annual subs and table money, but that we also qualify to get a GST refund on GST included in goods and services we pay for. In order to register for GST we are required to first have an Australian Business Number (ABN) and tax file number (TFN). This has now been done and we have registered for GST but have not yet received details on this from the tax office (ATO).
Registering for GST is compulsory and in no way impacts on our arrangement with the Council for the lease of the premises.
We are a large, successful and well-run Club, dedicated to the long term presence of the Club as an asset for bridge lovers now and in the future.
The Committee wishes to reassure all members that any rumours that the Club is being changed into a profit making company are untrue.
The not-for-profit status of the Club remains the same, and we remain a Club that aims to operate for the mutual benefit of all its members as well as promoting the game of bridge, knowledge and skills of the game and participation in Club activities.
The Committee will keep all members informed of any issues arising from the new tax status.
If you have any questions or would like further information please
For more information: https://www.ato.gov.au/Non-profit/Getting-started/Is-your-organisation-not-for-profit-/
