In Australia, charities can be classified as small, medium or large. Charity size is based on total annual revenue:

  • Small charities have annual revenue under $250,000
  • Medium charities have annual revenue over $250,000 but under $1 million
  • Large charities have annual revenue of $1 million or more.

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

Financial reporting obligations

SmallMediumLarge
Annual Information Statement

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Annual financial report(optional)

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Basis of accountingCash or accrualAccrual 1Accrual 1
Type of financial statement 2Small 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 auditThe ACNC requires your financial reports to be either reviewed or audited 2The ACNC requires your financial reports to be audited

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

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

alert icon Both medium and large charities may use transitional reporting arrangements in their financial reporting.

Other obligations

SmallMediumLarge

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 daysASAP but no later than 28 days
Administrative penalties for not submitting documentsMore on administrative penalties