Financial reporting requirements
Under the Act the financial reporting responsibilities of an incorporated association will depend on the tier that it falls into and is based on the annual revenue. The tiered reporting system is intended to minimise the reporting burden for small associations while ensuring that larger associations are accountable for the significant resources they control.
The tiers are set as follows:
- Tier 1: less than $250,000 in revenue.
- Tier 2: $250,000 to $1,000,000 in revenue.
- Tier 3: over $1,000,000 in revenue.
The new reporting requirements apply to the financial years of all association commencing after 1 July 2016.
See Tiered Financial Reporting for more information about these requirements.