Financial reporting requirements

Incorporated associations have financial reporting requirements

Incorporated associations must lodge annual financial summaries with NSW Fair Trading in the approved form:

• within one month after the Annual general meeting (AGM), and
• no later than 7 months after the incorporated association’s financial year end.

You must keep accurate records of the association’s financial transactions and positions. If financial records are in a language other than English, you must keep an English translation with them.

See minutes, records and registers for more information. 

Requirements differ between Tier 1 and Tier 2 incorporated associations

An incorporated association's reporting obligations under the Associations Incorporation Act 2009 (the Act) are based on its financial status. You can be a Tier 1 (large) or Tier 2 (small) incorporated association.

Tier 1 incorporated associations

You are a Tier 1 incorporated association if your:

• total revenue in the income and expenditure statement (such as gross receipts) for a financial year is over $500,000 or
• current assets* are more than $1,000,000.

Visit Tier 1 incorporated association's financial reporting for more information.

Tier 2 incorporated associations

Your association is a Tier 2 incorporated association if your:

• total revenue in the income and expenditure statement (such as, gross receipts) for a financial year is $500,000 or less, and
• current assets* are $1,000,000 or less.

Visit Tier 2 incorporated association's financial reporting for more information.

*Current assets refer to assets (other than real property or assets that are capable of depreciation). It includes amounts held in financial institutions, stocks, and debentures. 

Registered charities are exempt from financial reporting requirements

If your NSW incorporated association is registered as a charity with the Australian Charities and Not-for-profits Commission (ACNC), you are generally exempt from NSW financial reporting requirements. The ACNC shares information with NSW Fair Trading to reduce duplication.  

Check if you are exempt

To be exempt for a financial year your incorporated association must: 

• be registered with the ACNC (check your charity status on the ACNC Charities Register), and
• lodge its ACNC Annual Information Statement (AIS) for the financial year and meet all ACNC financial reporting requirements, and  
• not have financial statements and reports withheld from the ACNC Charity Register, and
• not be part of an ACNC-reporting group. 

If your incorporated association fails to meet any of the above conditions in a financial year, the NSW financial reporting requirements will automatically apply.

Completing your ACNC AIS

The AIS includes extra questions that help the ACNC collect information for NSW Fair Trading. When completing the AIS, make sure you answer all questions in the State and Territory reporting section, including your NSW incorporated association number. 

NSW Fair Trading may contact you if any required information is missing. For more information, visit the ACNC website.

You are exempt from NSW financial reporting requirements

If your incorporated association qualifies for the exemption, you do not need to:

• prepare financial statements under NSW law
• audit financial documents (where required) under NSW law, or
• submit financial documents to members at the AGM.  

You are not exempt from other NSW requirements

Even if your incorporated association qualifies for the exemption for a financial year, your incorporated association must:   

Hold an AGM within 6 months of the end of each financial year

As part of good governance, share financial documents with members at the AGM or direct them to access the information on the ACNC Charity Register. 

Visit the ACNC website for information on accountability to members. 

Notify NSW Fair Trading if association details change

You must notify NSW of any changes to the incorporated association’s name, contact details, constitution, or public officer. 

See incorporated associations forms and fees for information on how to lodge changes.