Incorporated associations - annual revenue over $250,000
- Associations with revenue over the $250,000 threshold must lodge an Annual Return with CBOS.
- The Annual Return must contain:
- an income and expenditure statement
- a list of names and residential addresses of the committee members and
- an Auditor's Report confirming the accuracy of the income and expenditure statement.
- Lodge an Annual return:
Incorporated associations - annual revenue below $250,000
- An association must prepare and submit financial statements however the annual financial audit requirement has been removed.
- An association should review their constitution and either:
- take advantage of the $250,000 threshold and remove the annual audit requirement by changing the constitution by Special Resolution; or
- elect to continue to have audited statements or add the requirement into the constitution
- Very small organisations no longer have to provide a special resolution for an audit exemption
- Changes to the Associations Incorporation (Model Rules) Regulations 2007 have been made
Incorporated association which is a registered charity
- An organisation registered and complying with the Australian Charities Not-for-profits Commissioner (ACNC) does not have to submit financial statements to the Tasmanian Commissioner for Corporate Affairs.
- The Commissioner can still request a copy of information your organisation has supplied to the ACNC.
- If your organisation fails to lodge a return with the ACNC, the Commissioner will require your organisation to comply with the Tasmanian reporting requirements.
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