The New South Wales Associations Incorporation Act 2009 (the Act) and Associations Incorporation Regulation 2010 commenced from 1 July 2010. The key financial reporting changes introduce a tiered financial reporting framework.
A tier 1 association is an association with gross annual receipts (excluding GST) of more than $250,000, or current assets (i.e. assets other than real property or depreciable assets) of more than $500,000.
Tier 1 associations are required to have their annual financial statements audited and are required to lodge a copy of those audited financial statements with NSW Fair Trading (unless exempted), within the earlier of one month after the AGM or seven months after year end. A Tier 1 association can be exempted where gross receipts for the financial year were negligible, but where current assets exceed the threshold ($500,000).
Goodwin Chivas & Co can assist you with the audit of the annual financial statements for Tier 1 incorporated associations.
Suite 401 29-31 Solent Circuit
Norwest Business Park
Baulkham Hills, NSW 2153 Australia
View location map
P:
(02) 9899 3044
F: (02) 9899 1524
Our Team Members are the heart and soul of our business. Our team's guiding principles are integrity, respect, teamwork, achievement and innovation. Our guiding principles are the keys to our culture and to achieving our vision.
We offer a range of free and easy to use
online resources and tools including...