As from 1 October 2018 (last year), NSW associations also registered as a charity no longer need to lodge its annual summary of financial affairs with Fair Trading or pay the annual lodgement fee.
Charities must still lodge their Annual Information Statement (and financial statements if required) with the ACNC for each financial year. The information previously provided to Fair Trading is now collected by the ACNC and sent securely to Fair Trading.
All questions on the ACNC form must be answered, including providing the association’s NSW registration number and registered name so it can be correctly identified as being exempt. If the association chooses not to answer one or more of the questions, it will need to lodge its annual summary with Fair Trading and pay the annual lodgement fee.
This change only applies to annual financial reporting obligations to Fair Trading
These organisations should note the changes to their reporting obligations and should ensure that relevant returns and reports are submitted by their due dates. Centium can assist with the preparation of those returns.
For more information please contact us