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.
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