Avoid making mistakes in your Annual Information Statement
These tips will help you avoid common mistakes that charities make when completing their Annual Information Statement.
1. Make sure that your address for service email is not your personal email
We send important information to this email address. If you are on leave, using a personal address will make it hard for us to contact your charity.
2. Will you report as a basic religious charity? Know the requirements
The Annual Information Statement asks a series of questions to help determine if your charity is a basic religious charity. Basic religious charities are a type of charity with the purpose of advancing religion that also meet five other requirements. Only a small number of charities that advance religion meet all of these requirements. Read more at acnc.gov.au/basicreligiouscharity.
3. Make sure you select the right activities for your charity
Most of your activities will fall within the categories provided. You should only select ‘other activities’ in exceptional circumstances.
4. Remember to provide financial information
Don’t forget to provide financial information, even if you did not conduct charitable activities during the year.
5. Check that the financial information you enter is correct
Double check that what you enter matches your financial records. Don’t mistake cents with dollars or record ‘revenue items’ as ‘other income.’ Read more about completing the financial questions in the Annual Information Statement guide.
Medium charities must submit a financial report that is either reviewed or audited. Large charities must submit a financial report that is audited. The tips below are for medium and large charities.
6. Know your financial report type
Are you submitting a general purpose or special purpose financial report? Make sure you have adequate accounting policy disclosures which highlight the type of financial report prepared. Read more about the types of financial statements you can include at acnc.gov.au/financialstatements.
7. Will you provide a consolidated financial report?
Although we accept consolidated financial reports, don’t forget that the financial information questions in the Annual Information Statement are only for the registered charity and not the entire group.
8. Make sure you attach all required documents
For medium and large charities these include:
- statement of profit or loss and other comprehensive income
- statement of financial position
- statement of changes in equity
- statement of cash flows
- notes to the financial statements
- reviewer’s report/auditor’s report – signed and dated. Download a reviewers’ report/auditor’s report template at acnc.gov.au/templates
- a signed and dated responsible persons’ declaration about the statements and notes. Download the template at acnc.gov.au/templates
9. Preparing a special purpose financial statement? Remember the accounting standards
You need to comply and state that the financial statement is prepared in accordance with the six mandatory accounting standards. Read more at acnc.gov.au/financialstatements.
10. Preparing a general purpose financial statement? Check the completeness and quality of the related party disclosures
Make sure you comply with all relevant accounting standards and provide sufficient detail of transactions between related parties and key management personnel compensation.
If you have any questions, you can always contact us on 13 22 62 (13 ACNC).