Reporting responsibilities

You must submit annual accounts or annual returns for your incorporated association.

Preparing financial accounts 

Your annual accounts must be in line with the the law and Australian accounting standards as shown in the financial return template.

financial return template (32.8 kb)
financial return template (31.1 kb)

You must include all of the following documents with your report:

  • profit and loss statement
  • balance sheet 
  • notes to the financials 
  • comparison against previous year figures
  • a signed committee statement or separate report of the management committee
  • audit opinion.

The documents must state the correct name of your association on every page including 'Incorporated' or 'Inc.' and refer to the correct financial year or the one stated in your constitution.

Separate report of the management committee

If your association wants to submit a separate report instead of a committee statement, you must submit a signed report on all of the following for the financial year:

  • management committee members
  • principal activities of the association and any significant change in the nature of those activities
  • net profit or loss.

Audit of financial accounts

You must choose an auditor based on the size of your association's annual gross receipts, gross assets or activities. 

Who you can choose as 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 Annual gross receipts Gross assets Activity
1 less than $25,000 less than $50,000 -
2 $25,000 to $250,000 $50,000 to $500,000 Gaming machine licence
3 more than $250,000 more than $500,000 Performing local government functions

For tier 1 associations, your accounts must not 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.

For tier 2 associations, 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 Commissioner of Consumer Affairs.

For tier 3 associations, your accounts must be audited by anyone who is either of the following: 

  • certified for public practice by an accountants' body
  • or approved by the Commissioner. 

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

Auditor responsibilities

Your auditor has all of the following rights and duties:

  • right of access at all reasonable times to the accounting records and other records of the association
  • 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 (30 June unless otherwise stated in your constitution)
  • audit content and an audit opinion that is in line with the law.

Removing an auditor

For tier 2 and tier 3 incorporated associations, you can only remove an auditor in either of the following cases:

  • by a resolution, according to 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

Your association must by law hold an annual general meeting within five months of the end of the financial year unless otherwise stated in your constitution.

Your association's financial returns must by law be available to association members at least 14 days before the annual general meeting. They must be presented at the meeting. 

Submitting financial accounts

Submit your annual accounts and the fee to a Territory Business Centre.

Check the fee.

Your association's financial returns must be submitted at either of the following times: 

  • within 28 days of the annual general meeting
  • or within 28 days of being prepared if your association has been exempted from holding an annual general meeting.

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Last updated: 28 November 2017