Annual returns |
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Every incorporated association must prepare an annual return. The association’s management committee must ensure financial statements are prepared and presented to the annual general meeting (AGM) for adoption.
Within one month of the AGM, the association must send us:
- a copy of the financial statement approved 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 the 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 the association’s reporting requirements
- the $41.00 fee
- Form 12 - Annual return of association (see below).
Annual return form
We send a ‘Form 12 - Annual return of association’ to the association’s secretary within one month of the 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 the association has not conducted any financial transactions during its financial year, and it has no assets or liabilities, it must submit a statutory declaration with its Form 12 stating this.
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 association name, association number, postal address and the reasons for your request. We will tell you within two weeks if we have granted your extension.
Receipts
If you would like a receipt for your annual return, request one when you lodge the return. If you have already paid, send our Registration Services branch a written request, including your association name, association number and postal address.
Reportable financial year
Under normal circumstances, an incorporated association’s reportable financial year is 12 months. Most associations select a financial reporting period of either January to December or July to June.
If an 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 3 months or more than 15 months.
Viewing financial records
Any member of an association can ask to see any annual financial statement of their association. You must give the annual financial statement to the member within 28 days or the committee may be fined up to $400. An association can charge the member any reasonable costs incurred in providing this information.
Last reviewed 01/09/2009 |
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