Reporting requirements for community organisations
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New laws for Victorian incorporated associations came into effect on 26 November 2012. The resources in this section have been updated to reflect the new laws. The new Associations Incorporation Reform Act 2012 (Vic) can be accessed here, and you can read more about the changes at Consumer Affairs Victoria's website here.
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Whether your community organisation is incorporated as a state-base organisation such as an incorporated association, or as an federal organisation such as a company limited by guarantee (CLG) the responsibilities of the management of the organisation in relation to reporting will differ. Further, if your organisation is a registered charity with the Australian Charities and Not-for-profits Commission (ACNC) this will also affect your organisations reporting obligations, and which regulators it must report to. If your organisation has a specific legal issue you should seek advice from a lawyer before making a decision about what to do.
If you are looking for information on financial difficulties in your organisation, please see If things go wrong > Financial problems or insolvency.
This section has information on reporting for:
Victorian Incorporated Associations
Financial reporting
This information sheet sets out the legal obligations for financial reporting of a Victorian incorporated association. A Victorian incorporated association is established under the Associations Incorporation Reform Act 2012 (Vic) and must report to Consumer Affairs Victoria (CAV).
Reporting to CAV
For more detailed information on the reporting requirements of incorporated associations, go to:
Companies Limited by Guarantee (CLG)
Financial reporting
This information sheet sets out the legal obligations for financial reporting of a company limited by guarantee. A company limited by guarantee is established under the Corporations Act 2001 (Cth) and must report to the Australian Securities and Investments Commission (ASIC), unless it is registered with the ACNC.
*Note CLGs that are registered charities with the ACNC now no longer undertake annual reporting to ASIC - reports are provided to the ACNC (under a different reporting system).
Registered Charities
Organisations that are registered charities with the ACNC have reporting obligations under the Australian Charities and Not-For-Profits Commission Act 2013 (Cth) (ACNC Act). Reporting obligations include submitting an Annual Information Statement (AIS) and Annual Financial Report (for medium and large charities only).
For information on the reporting obligations see the ACNC website.
For registered charities that are state-based incorporated associations, these ACNC reporting obligations are in addition to the reporting obligations under the relevant state regime (eg the Associations Incorporation Reform Act 2012 for Victorian incorporated associations).
For registered charities that are CLGs, these reporting obligations largely replace the reporting obligations under the Corporations Act 2001 (Cth) to ASIC.
Resources
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The ICA has a guide on annual and financial reporting to the ACNC
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CSA is the peak professional body for governance professionals. The CSA has a series of good governance guides on financial reporting. They also provide a pro bono program to assist with things like governance audits, board paper templates and annual report preparation. Contact CSA for their guidelines on when a group is eligible for this free assistance.
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CPA has a toolkit with two guides relevant to not-for-profit management.
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The Australian Centre for Philanthropy and Nonprofit Studies at the Queensland University of Technology has a resource on nonprofit governance which includes a page on approving financial statements.
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This guide focuses on the new obligation under the ACNC Act and includes tools such as flowcharts and checklists.