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
A NSW association also 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 take advantage of this exemption, the ACNC’s Annual Information Statement for NSW organisations includes additional questions to collect information on behalf of Fair Trading. A NSW association (also registered as a charity with the ACNC) must lodge its Annual Information Statement (and financial statements if required) with the ACNC each financial year and must answer all questions. The ACNC will then share this information with Fair Trading.
The association must continue to hold their annual general meeting (AGM) within 6 months of their financial year end date. All financial statements must be prepared as required by the Associations Incorporation Act 2009 and be submitted to members at this meeting. As a Tier 1 association this would include preparing and providing an audit report.
All associations must continue to notify Fair Trading of any changes such as the association’s name, details, constitution, or public officer.
You can confirm your association's status by searching the ACNC charities register
For information about reporting obligations, visit the ACNC website
Related information
Associations Incorporation Act 2009 Exemption order 001/18 (PDF, 174.2 KB)
Need more information?
Registry and Regulatory Schemes
Free call: 1800 502 042
Post: PO Box 22, Bathurst NSW 2795