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_BeyondBPodcast(Newbie)Newbie
6 June 2021

Hi ATOCommunity,

I co-host a podcast that interviews business oweners within a specific industry. A new segment we are looking to introduce into our podcast is a charity fundraising segment. Where the owners/business bring along an items from their organisation, they choose what chairty the donations go to, and we silent auction the item off using online silent auction platforms.

We do not have an ABN or a bank account where funds can go to (just yet) for our Podcast. We would like to avoid this as much as possible if we can legally, as we would rather not have to touch the funds at all.

At most these auctions will happen maybe 12 times a year, as our podcast episodes are released once a month with new guests.

Our first question is - if we do need to hold these funds in a bank account. Do we need an ABN and/or need to register as a NFP for these auctions?

Secondly - if we don't need to hold these funds in our bank accounst, do we need to register for NFP or for ABN anyway, even though we are not touching the money?

I hope this makes sense and we can get a swift accurate response :)

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580 views
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Most helpful replyATO Certified Response

BlakeATO(Community Support)Community Support
ATO Certified Response8 June 2021

Hi @BeyondBPodcast


You'll need to determine if you're actually running a not-for-profit first. Holding the money in a bank account doesn't necessarily make your entity a not-for-profit. You should read through the information available on our website about starting an NFP to help work it out.


Think about what your goal with setting up your NFP is. There is likely an existing organisation or charity that already does this and is willing to take on your project.


Once you've worked that out, you'll need determine the entity type you'll be. You can do this with ASIC. They'll tell you whether you need to be registered as a not-for-profit. Then you'll need to look at the ABR to look at ABN entitlement to determine if you'll need an ABN or not.


This sounds like it has the potential to be a big endeavor, so it may be worth speaking to a tax agent who has experience with this type of thing.


You can read about not-for-profit on the ACNC website and starting an NFP on our website.

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Most helpful replyATO Certified Response

BlakeATO(Community Support)Community Support
ATO Certified Response8 June 2021

Hi @BeyondBPodcast


You'll need to determine if you're actually running a not-for-profit first. Holding the money in a bank account doesn't necessarily make your entity a not-for-profit. You should read through the information available on our website about starting an NFP to help work it out.


Think about what your goal with setting up your NFP is. There is likely an existing organisation or charity that already does this and is willing to take on your project.


Once you've worked that out, you'll need determine the entity type you'll be. You can do this with ASIC. They'll tell you whether you need to be registered as a not-for-profit. Then you'll need to look at the ABR to look at ABN entitlement to determine if you'll need an ABN or not.


This sounds like it has the potential to be a big endeavor, so it may be worth speaking to a tax agent who has experience with this type of thing.


You can read about not-for-profit on the ACNC website and starting an NFP on our website.

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