How does size affect ACNC financial reporting and other obligations?

A charity's financial reporting and other obligations to the ACNC depend on whether it is considered a small, medium or large charity.

A charity’s financial reporting obligations

  Charity Size (according to annual revenue)
Financial reporting obligatoins Small
(under $250 000)
Medium
(between $250 000 and $999 999)
Large
($1 000 000 or more)
Annual Information Statement  

 

 

Annual financial report
(optional)

 

1

 

  1
Basis of accounting Cash or accrual Accrual  1 Accrual 1
Type of financial statement 2 Small charities can choose to submit a financial statement. The type of financial statement can be the same as a Medium or Large charity
  • Special purpose financial statement (if not a “reporting entity”) or
  • General Purpose Financial Statement – Reduced Disclosure Requirements (Tier 2) or
  • General Purpose Financial Statement – Full (Tier 1)

Review or audit

for annual financial report

No ACNC obligation for review or audit The ACNC requires your financial reports to be either reviewed or audited 2 The ACNC requires your financial reports to be audited

A charity’s other obligations

  Charity Size (according to annual revenue)
Other Obligations Small
(under $250 000)
Medium
(between $250 000 and $999 999)
Large
($1 000 000 or more)

Time to notify the ACNC of changes to its:

  • legal name
  • Address For Service
  • Responsible Persons
  • governing rules
  • material error in AIS or AFR

ASAP but no later than 60 days

ASAP but no later than 28 days

 

 

 

Administrative penalties for not submitting documents More on administrative penalties

 

 

 

 

[1] Unless the charity is a Basic Religious Charity or other transitional arrangements apply.

[2] The charity constitution/governing document or grant funding agreements may state whether the financial report needs to be reviewed or audited.