Financial reporting requirements

Incorporated associations must lodge annual financial summaries in the approved form:

• within one month after the Annual general meeting (AGM), and
• no later than 7 months after the incorporated associations financial year end with NSW Fair Trading.

Incorporated associations must keep accurate records of their financial transactions and positions. If financial records are in a language other than English, an English translation must also be kept with them.

See minutes, records and registers for more information. 

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. They can be a Tier 1 (large) or Tier 2 (small) incorporated association.

Tier 1 incorporated associations are those whose:

• 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.

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

Tier 2 incorporated associations are those whose:

• 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.

See 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. 

Exemption for registered charities

A NSW incorporated association registered as a charity with the Australian Charities and Not-for-profits Commission (ACNC) may take advantage of an exemption and are not required to lodge its annual summary of financial affairs with Fair Trading or pay the annual lodgement fee.

To use this exemption, the ACNC’s Annual Information Statement for NSW organisations includes extra questions to collect information for NSW Fair Trading.

Information is available in Exemption Order No. 001/18 Financial reporting requirements and the Regulatory Guide A1.

A NSW incorporated association also registered as a charity with the ACNC must lodge an Annual Information Statement. This includes financial statements if required. These documents must be lodged with the ACNC each financial year. The incorporated association must answer all questions. The ACNC will then share this information with NSW Fair Trading.

The incorporated association must continue to hold their annual general meeting (AGM) within 6 months of the end of their financial year. All financial statements must be prepared as required by the Act. They must be submitted to its members at this meeting. For a Tier 1 incorporated association, this would include preparing and providing an audit report.

All incorporated associations must notify NSW Fair Trading of any changes to the incorporated association. This includes the incorporated association’s name, details, constitution, or public officer.

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

You can confirm your incorporated association's charity status by searching the ACNC charities register.

Visit the ACNC website for more information regarding reporting obligations for charities.