Reporting requirements for your incorporated association

If you're an incorporated association, you have financial reporting requirements to meet.

You must:

• submit annual financial statements
• appoint an auditor to check your accounts.

This is required under the Associations Act 2003.

Read below to find out more. You can also watch the video.

Get a printable fact sheet PDF (3.0 MB).

Preparing financial statements

Your financial statement must include all of the following:

• profit and loss that compares the previous financial year
• balance sheet that compares the previous financial year
• notes to the financials - not required for tier 1 associations
• a signed committee statement and opinion that the information is accurate and fair
• audit opinion that the information is accurate and fair.

To help you meet your requirements, use the template.

Financial return template PDF (118.4 KB)
Financial return template DOCX (27.8 KB)

You can also get the checklist.

Financial return checklist PDF (138.8 KB)
Financial return checklist DOCX (54.7 KB)

Make sure the document:

• states your association's name correctly on every page and includes 'Incorporated' or 'Inc.' and
• refers to the correct financial year.

Choosing an auditor

Your association's annual accounts must be checked by an auditor appropriate to the size or tier of your organisation as shown in the table below.

Only one of the criteria needs to be satisfied for an association to be classified in a tier.

Tier 1

Your accounts can't be audited by anyone who is any of the following:

• a member of your association
• a partner (spouse, de facto or business partner), employer or employee of a member of your association
• a partner (spouse, de facto or business partner) of an employer or employee of a member of your association.

Tier 2

Your accounts must be audited by someone who is either of the following:

• a member of an accountants' body or
• a person approved by the chief executive of the Department of Industry, Tourism and Trade.

Tier 3

Your accounts must be audited by someone who is either of the following:

• certified for public practice by an accountants' body or
• a person approved by the chief executive of the Department of Industry, Tourism and Trade.

If your tier 3 association has local government functions, you must appoint a registered auditor.

Auditor rights and responsibilities

Your auditor has all of the following rights and duties:

• access at all reasonable times to the accounting records and other association records
• entitled to information and explanation from an office holder
• must not be obstructed from their duties by an office holder
• must note any legal failures of the association in the audit report.

Your auditor must include all the following in their report:

• their qualifications if auditing a tier 2 or 3 association
• their signature and date
• the correct name of the association on every page - including 'Incorporated' or 'Inc.'
• references to the correct financial year in line with the constitution
• audit content and an audit opinion in line with the law.

Removing an auditor

If you're a tier 2 and tier 3 incorporated association, you can only remove an auditor:

• by a resolution, as outlined in the association’s constitution, at an annual general meeting or special general meeting or
• if the auditor applies to the commissioner to be removed.

Presenting financial accounts

After your accounts are checked, you must do the following:

• hold an annual general meeting (AGM) within 5 months of your end of financial year
• ensure your financial statement is completed (signed and dated by the auditor)
• make your financial statement available to members at least 14 days before the AGM
• submit documents to the Territory Business Centre within 28 days of the AGM being held.

How to submit

To submit your statement, follow these steps:

Online

Step 1. To submit online, go to Licensing NT Online.

If you're not already registered, you'll need to create an account.

Confirm you are ‘linked’ to the association.

Step 2. Attach the following supporting documents:

• AGM/ special general meeting minutes showing member approval for the financials
• financial statement
• prescribed fee.

The application process will prompt you to pay the prescribed fee.

Email or in person

To submit by email or in person, follow these steps:

Step 1. Fill in the application.

Application for an annual return for an association PDF (143.1 KB)
Application for an annual return for an association DOCX (67.0 KB)

Step 2. Attach supporting documents:

• AGM/SGM minutes where members approved the financials
• financial statement
• prescribed fee.

Step 3. Submit your completed application by email to territorybusinesscentre@nt.gov.au or in person and pay the fee at your nearest Territory Business Centre.

If members don't approve the financials

If you can't get approval, contact the compliance team for advice.

You may be given an extension to submit your financial statement.

Include the following in your request:

• reasons for the delay
• expected date you can meet your requirements.

Consideration will be given towards the circumstances and previous history of compliance.

An exemption may be considered for:

• the auditor or level of auditor required.
• overdue financial statements from previous years of inactivity.
• exemption as a registered charity.

Exemption for registered charities

If your association is also registered with the Australian Charities and Not-for-profits Commission (ACNC), you may be entitled to an exemption. This exemption allows you to submit your financial statements only with the ACNC.

This exemption isn't automatic - you must request it by emailing associations.compliance@nt.gov.au.

If approved, you must still notify of any changes such as the association’s name, details, constitution or public officer.

To find out more, go to the ACNC website.

Contact

Contact the compliance team.