Financial reporting and auditing

A requirement to provide financial reports and have your accounts audited depends on the legal structure of your organisation and your turnover.

The list below provides information and links for the four most common types of Not For Profits:


Not For Profits registered as charities with the ACNC have ongoing obligations to maintain their registration, including to:

  • notify the ACNC of changes to legal name, address for service (where legal documents can be sent) and governing body members
  • keep financial and operational records
  • provide an Annual Information Statement. Depending on the size of your organisation you may also be required to provide financial reports each year from the 2013-14 reporting period onwards.

These obligations are in addition to any other requirements you have under other laws or from other regulators. For example, if your charity is an incorporated association in Victoria, you will still have to report to Consumer Affairs Victoria.

Your charity's reporting obligations under the ACNC Act vary depending on whether your organisation is a small, medium or large charity. The ACNC Act defines charity size according to annual revenue:

  • small charity – annual revenue less than $250,000
  • medium charity – annual revenue is $250,000 or more but less than $1 million
  • large charity – annual revenue is $1 million or more.

Incorporated associations

Incorporated associations must prepare a financial report to be presented to their members at the annual general meeting (AGM).

Consumer Affairs Victoria sends an Annual Statement form one month after the associations financial year end date. Associations have five (5) months from their financial year end date to hold the annual general meeting and submit their annual financial statement to Consumer Affairs Victoria. Lodging the annual statement is the responsibility of the secretary (formerly public officer).

Auditing requirements vary based on the gross revenue for the last financial year.

Tier three: more than $1,000,000
Associations are required to have their financial statements audited by an independent accountant.

Tier two: $250,000 - $1,000,000
Financial statements are required to be reviewed by an independent accountant – a process that typically costs about one third of a formal audit.

Tier one: less than $250,000
Associations do not need to have their financial statements reviewed or audited, unless a majority of members present at a general meeting vote to do so.

For more information about accounting and auditing for incorporated associations read the information on the Consumer Affairs Victoria (CAV) website.

Companies limited by guarantee

Under the Corporations Act 2001 (the Act), if your Not For Profit is a company limited by guarantee with annual revenue less than $250,000 without DGR (Deductible Gift Recipient) status, you would normally not need to provide a financial report or a Director's report or arrange an audit or review of your accounts (unless requested by 5% of members or by ASIC). However, the Act still requires you to have an appointed auditor at all times.

Detailed information including reporting and auditing requirements for organisations with DGR status and higher turnover is available on the Financial reports and audit page on the Australian Securities and Investments Commission (ASIC) website.  

For information specifically about auditing, read the page ‘For users of financial reports’. The information on this page is written for company shareholders, creditors and investors but it is useful for anybody wanting to understand how to comply with the Act. 


Consumer Affairs Victoria (CAV) will send an annual report form to your co-operative towards the end of the financial year. The form should be completed within 28 days of your co-operative’s annual general meeting (AGM) and returned to CAV.

Different reporting and auditing requirements apply depending on whether your organisation is a small or large co-operative.

Small co-operatives only need to complete the form. Large co-operatives must also attach their annual director’s report, financial report and an auditor’s report.

Indigenous corporations

If your Not For Profit is an indigenous corporation formed under the terms of the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (CATSI Act), your obligations for financial reporting and auditing will vary depending on the size of your organisation. The reporting page on the Office of the Registrar of Indigenous Corporations (ORIC) website is kept up-to-date with information about your obligations in the current reporting period. 

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