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Annual return reminder
Annual return
Accounts and reports to be laid before members
Reportable financial year
When should an annual return be lodged?
Audit exemption
How to apply for exemption
Appointing an auditor
Each year the association will receive a reminder to lodge the annual return. This reminder is sent shortly after the end of the association’s financial year.
The annual return form is computer generated by Consumer Affairs for each particular incorporated body and is therefore not available from our website or Service Tasmania.
The annual return form includes information regarding fees and required documents. The form allows associations to make changes to the committee members and the public officer.
An incorporated association is required to lodge an annual return in accordance with Section 24B of the Act within 6 months of its financial year.
The annual return is to contain the following:
a) a statement of the association’s income and
b) a list of the full names and residential addresses of
the committee for that financial year signed by the
auditor
c) a report on the accounts of the association
stating
d) a report by the auditor on the accounts of the
association stating;
e) the required lodgement fee
Please attach the annual return reminder to the front of the auditor’s report (which must have an original signature), the list of committee members and their residential address and the financial statements of the association for the year that has been audited.
The accounts of a prescribed association, must be laid before members at the annual general meeting which is held with 6 months after the end of the financial year.
An incorporated association’s reportable financial year is 12 months. Most associations select a financial reporting period of either January to December or July to June.
Each period of 12 months commences at the expiration of the previous financial year of the association.
An annual return is required to be lodged within 6 months from the end of an association’s financial year and there is a fee is payable on lodgement of the return, there are also penalty fees for late lodgement.
The annual return should be lodged atService Tasmania or posted to Consumer Affairs.
All fees under the Associations Incorporation Act are exempt from GST. As such we are not able to issue a Tax Invoice.
Fees payable under the Act may be waived only if an association does not have sufficient means to pay them. Application for waiving the fee payable upon lodgement of the annual return should be made when the annual return is lodged.
An association can seek an exemption from the audit requirement
if:· the association has total revenue in any financial year of $40,000 or less
· total assets of $40,000 or less not including ‘real property’ such as land and real estate
· a three quarter majority of members have voted in favour of not having the association’s accounts audited
· the association has provision in their rules for a minimum number of members to requisition a special general meeting. Section 12(2) of the model rules reads: The committee, on the requisition in writing of at least 10 members of the Association, is to convene a special general meeting of the Association.
Note that this is an exemption from the audit process and not the requirement to pay the lodgement fees, lodgement fees must still accompany documents.
The exemption cannot be applied for prior to the end of a financial year.
In order to apply for an exemption, the association will need to, at their Annual General Meeting,
The association must, within 6 months of the end of their financial year, lodge with the Commissioner an annual return, signed by the Public Officer and containing
a) a statement of the association’s income and expenditure for that financial year
b) a list of the full names and residential addresses of the committee for that financial year
c) the required lodgement fee
d) the resolution/s, as above, signed under the associations’ seal by the current Public Officer
Once all documents and the lodgement fee are received in this office and processed, you will be notified if the exemption has been granted and if any further actions/documents are required.
Due to the changing finances of incorporated bodies, the exemption must be applied for, after the end of each financial year. An incorporated association may fall outside the guidelines during a financial period and no longer be eligible for an exemption or may wish to undergo an audit periodically.
The association will be required to have their books audited and then present them at a special general meeting, then lodge with Consumer Affairs.
Section 24 of the Act provides that unless an incorporated association is exempted under subsection (1B), at least once a year the association's affairs must be audited by a person who is a registered company auditor within the meaning of the Corporations Act.
Subsection (3) of that Section, places certain restrictions on the persons who may be appointed as auditor. Those persons who may not act as auditor are:-
(a) The public officer or committee member.
(b) A servant of the association.
(c) A partner, employer, or employee of the
public officer, or a member of the committee.
Alternatively, the auditor need not be a registered company auditor if he or she is a person approved to act as such by the commissioner. The basis upon which approval is granted is upon a comparison of the expertise of the person to be approved and the degree of complexity of the financial affairs of the association.
The kinds of perons that might be approved would include qualified accountants, who are not registered company auditors that are accounting graduates from a recognised University or College of Advanced Education, members of the Australian Society of Accountants, the Institute of Chartered Accountants, National Institute of Accountants, Bank Managers, Council Clerks and Chartered Secretaries.
If a person wishes to apply for approval to audit an association’s books, a Request for Approval of Auditor for Association form should be completed.
Approval should be sought before the person is appointed to act as auditor.
Associations, which are recipients of government funding, who wish to replace their present registered company auditor with a person approved by the Commissioner, should first check with the funding authority to ensure that it has no objections to the change. It may be one of the terms of funding that the financial affairs of the recipient association be audited by a person who is a fully registered company auditor.
