Annual returns |
Your incorporated association must prepare an annual return. The management committee must ensure financial statements are prepared and presented to the AGM for adoption.
The annual return must also include a copy of the financial statement presented at the AGM, signed and dated by either the President or the Treasurer, including:
- a profit and loss statement (income and expenditure)
- a balance sheet (assets and liabilities)
- all mortgages, charges and securities that affect any of your incorporated association´s property at the close of the financial year
- a copy of the accountant or auditor´s report, or the verification statement, signed in accordance with your incorporated association´s reporting requirements.
Annual return form
Within one month of the AGM, your incorporated association must:
- complete and lodge Associations Incorporation form 12 - Annual return of association
- pay the $45.00 fee.
You will be sent this form within one month of your incorporated association´s financial year ending. If you do not receive or need another copy of this form, please send a request to our Registration Services branch.
If your incorporated association has not conducted any financial transactions during its financial year, and it has no assets or liabilities, you must submit a statutory declaration with the Form 12 stating this.
If your incorporated association would like a receipt for the annual return fee, request one when you lodge the return.
Reportable financial year
Under normal circumstances, an incorporated association´s reportable financial year is 12 months. Most incorporated associations select a financial reporting period of either January to December or July to June.
If your incorporated association´s reportable financial year is not 12 months (for example, when it first incorporates or if it changes the period), it cannot be less than three months or more than 15 months.
Extensions for lodgement
We grant extensions only in exceptional circumstances. If your association needs more time to lodge the annual return, send our Registration Services branch a written request. Include your incorporated association name, number, postal address and the reasons for your request. We will tell you within two weeks if we have granted your extension.
Viewing financial records
Any member can ask to see any annual financial statement of their incorporated association. Your management committee must give the annual financial statement to the member within 28 days or it may be fined up to $400. Your incorporated association can ask the member to pay the reasonable costs of providing copies of the financial statements.
Last reviewed 13/07/2012 |
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