Not for profit entities are those who do not work for personal gain but the betterment of the society. But for any such organisations, it is vital to maintaining records of all their activities and financial benefits in the form of donations or charity. However, the set of rules for such entities are different from ordinary businesses submitting their business reports for taxation purposes. They have to report to the Australian Accounting Standard Board, who is responsible for the development and maintenance of accounting standards of the country for both ... read more here
https://www.agibookkeeping.com.au/changes-australian-accounting-standards-non-profit-entities/