An association must prepare and submit financial statements however the annual financial audit requirement has been removed.
An association should review their constitution and either:
take advantage of the $250,000 threshold and remove the annual audit requirement by changing the constitution by Special Resolution; or
elect to continue to have audited statements or add the requirement into the constitution
Very small organisations no longer have to provide a special resolution for an audit exemption
Changes to the Associations Incorporation (Model Rules) Regulations 2007 have been made
Incorporated association which is a registered charity
An organisation registered and complying with the Australian Charities Not-for-profits Commissioner (ACNC) does not have to submit financial statements to the Tasmanian Commissioner for Corporate Affairs.
The Commissioner can still request a copy of information your organisation has supplied to the ACNC.
If your organisation fails to lodge a return with the ACNC, the Commissioner will require your organisation to comply with the Tasmanian reporting requirements.