I am an auditor working for a charitable company. We are a small proprietary company and limited by shares. I'm not sure whether we have to lodge a financial report or whether we can get an exemption. How can I find out?
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Answer by LegalEagle™ staff, Northcote 3070 VIC
- If you are a charity registered with the Australian Charities and Not-for-Profits Commission (ACNC) you may not have to lodge a financial report. This depends on whether you are registered, whether you are a small, medium or large charity and whether you are referring to the 2012-2013 reporting period or the 2013-2014 reporting period.
- First you must find out if your company is registered. You can do this by inspecting the ACNC register at www.acnc.gov.au.
- The reporting obligations for ACNC registered charities have recently changed. For the 2012-2013 reporting period you will be required to lodge financial reports with ASIC if you would otherwise be required to do so despite your charitable status. This is regardless of whether you are registered with the ACNC.
- For the 2013-2014 financial reporting period you will not need to lodge financial reports with ASIC provided you are registered with the ACNC. However you may have to lodge your report with the ACNC if you are a medium or large charity.
- You are a medium charity if your annual revenue is between $250,000 and $1 million.
- You are a large charity if your annual revenue is over $1 million.