Financial reporting requirements

Associations must keep records that correctly record and explain their financial transactions and financial position. Where any of the financial records are kept in a language other than English, an English translation must also be kept with the documents.

Tier 1 and Tier 2 associations

An association's reporting obligations under the Associations Incorporations Act 2009 (the Act) is based on its status as either a Tier 1 (large) or Tier 2 (small) association.

Tier 1 associations are those whose:

  • total revenue as recorded in the income and expenditure statement (i.e. gross receipts) for a financial year is more than $250,000 or
  • current assets* are more than $500,000.

Go to the Tier 1 association's financial reporting page for information on reporting obligations for Tier 1 associations.

Tier 2 associations are those whose:

  • total revenue as recorded in the income and expenditure statement (i.e. gross receipts) for a financial year is $250,000 or less, and
  • current assets* are $500,000 or less.

Go to the Tier 2 association's financial reporting page for information on reporting obligations for Tier 2 associations.

*Current assets refers to assets (other than real property or assets that are capable of depreciation) held by the association as at the end of the association's last financial year. It includes amounts held in financial institutions, stocks and debentures.

Exemption for registered charities

From 1 October 2018 most incorporated associations that are also registered with the  Australian Charities and Not-for-profits Commission (ACNC) will benefit from an exemption which allows them to lodge their financial reports only with the ACNC.

To take advantage of this exemption when lodging the financial reports with the ACNC all questions must be answered. The ACNC will share this information with Fair Trading.

This change is not retrospective. If an Annual summary of financial affairs required to be lodged with Fair Trading before 1 October 2018 is outstanding, the association must still lodge that Annual summary with Fair Trading.

All associations must continue to notify Fair Trading of any changes such as the association’s name, details, constitution or public officer.

More information is available on the Reporting changes for associations registered as charities with ACNC page.

Further information

For more information, contact Registry Services:

Phone: 02 6333 1400

FreeCall: 1800 502 042

Email: registryinquiries@finance.nsw.gov.au

Post: PO Box 22, Bathurst NSW 2795

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