One of the ways that we reduce red tape across the sector is by working with state or territory regulators to allow charities to directly report to the ACNC through a streamlined reporting arrangement.

Where a streamlined reporting arrangement does not exist, some medium and large charities may still be required to currently submit financial reports to their state or territory regulator (in addition to the ACNC). In this situation, we can accept the financial report as meeting ACNC requirements even if they do not fully comply with our requirements.

Where we reach agreements that enable charities to report directly to the ACNC, this exception no longer applies.

To support charities whose financial reports do not currently meet ACNC requirements, we provide charities with two years of ‘transitional reporting relief’ before they are required to meet all of our financial reporting requirements.

Incorporated Associations

The table below applies to charities that are only required to submit an annual return (including financial reports) to a state or territory incorporated associations regulator.

Incorporated association in ...First reporting periodSecond reporting periodFrom what reporting period does the financial report need to meet all ACNC requirements?
ACT201620172018
NSW201820192020
NT201920202021
SA2016 (or 2017 for charities with periodic returns)2017 (or 2018 for charities with periodic returns) 2018 (or 2019 for charities with periodic returns)
Tas201620172018
Vic201820192020
WAN/A - charities were never required to submit a financial report to the state regulator.
QldNo streamlined reporting arrangement has been reached.

The table below applies to charities that were only required to submit a financial report to a state or territory fundraising regulator.

Charities that fundraise in ... First reporting periodSecond reporting periodFrom what reporting period does the financial report need to meet all ACNC requirements?
ACT201620172018
SA2016 (or 2017 for charities with periodic returns)2017 (or 2018 for charities with periodic returns)2018 (or 2019 for charities with periodic returns)
Tas201620172018
Vic202020212022
WA202020212022
NSW and QldNo streamlined reporting arrangement has been reached.
NTThere are no fundraising requirements.

The table below provides a summary of the transitional reporting relief provided during these two years:

Reporting PeriodFinancial report requirements for the transitional period (only applies to medium and large charities)
First yearYou can submit the same financial report that previously met the requirements of the relevant state/territory regulator.
Second yearThe financial report must meet the ACNC’s requirements except the following:
  • you are not required to provide comparative information (where comparative figures have not been included, a disclosure note must be provided in the financial report to explain why.)
  • you are not required to meet the ACNC’s auditor requirements, provided that you meet the auditor requirements for your state or territory regulator.
Charities must also ensure that they provide a signed Responsible Persons’ declaration and the auditor/reviewer must provide an opinion/conclusion on whether the financial report has been prepared in accordance with Division 60 of the ACNC Act.

End of transitional reporting relief

Once the two-year transitional reporting relief expires, medium and large charities must ensure that they prepare financial reports in accordance with the ACNC reporting requirements complying with the Australian Accounting Standards that provide a true and fair view, including:

  • reporting on an accrual basis, and
  • ensuring that financial statements include required comparative figures.

Large charities must have their accounts audited by a registered company auditor, audit firm or authorised audit company.