AUDIT UPDATE - REPORTING CHANGES FOR CHARITABLE ASSOCIATIONS

New South Wales associations registered as charities should remember that they no longer need to lodge an annual summary of financial affairs with NSW Fair Trading and pay the lodgement fee.

The change occurred on 1 October 2018.

Charities must, however, lodge an annual information statement (and financial statements if required) with the ACNC each financial year.  The information previously provided to Fair Trading will be collected by the ACNC and sent securely to the former.

The ACNC's annual information statement for NSW organisations has been updated to include extra questions that Fair Trading want answers to.

All questions must be answered, including providing an association's NSW registration number and name so it can be correctly identified as being exempt.  If the association chooses not to answer one or more of the questions, it will need to lodge its annual summary with Fair Trading and pay the fee.

Incorporated associations must continue to notify Fair Trading of any changes to names, details, constitutions and public officers.

If an association is not on the ACNC charities register it must report to Fair Trading and a lodgement fee must be paid.

Associations must hold their AGMs within six months of their financial year-ends.  Financial statements must be submitted to members at the meeting. 

Visit the https://www.fairtrading.nsw.gov.au/associations-and-co-operatives/associations/running-an-association for more information about reporting obligations.

Change do not apply to charities approved by the ACNC to withhold details (for example, revenue or address) or financial reports from the ACNC register.