Registered organisations and their branches must prepare a financial report and operating report at the end of each financial year. An exemption from this requirement is available if an organisation or branch meets certain criteria.
On this page:
Who must prepare financial reports
Financial reports must be prepared by 'reporting units' in accordance with:
- Part 3 of Chapter 8 of the Fair Work (Registered Organisations) Act 2009 (the Registered Organisations Act) which sets out the requirements for financial records, accounting and auditing
- the Fair Work (Registered Organisations) Regulations 2009 (the Registered Organisations Regulations)
- the General Manager's reporting guidelines
- the Australian Accounting Standards.
Every organisation and every branch of an organisation is a reporting unit. The exception is if the General Manager issues a certificate that divides the organisation into reporting units on a different basis.
Model financial statements
To help registered organisations and branches comply with their financial reporting requirements, each year we develop and release a model financial statement. They are based on a financial year ending on 30 June.
Reporting units are not required to use the model statements, but they may be a useful resource to ensure compliance with the:
- Registered Organisations Act
- General Manager's reporting guidelines
- Australian Accounting Standards.
Model financial statements for previous financial years can be found under 'Financial reporting' on our Tools and templates webpage.
The General Manager's reporting guidelines
The General Manager issues reporting guidelines for the purposes of section 253. These are also called the 'section 253 guidelines'. They set out the disclosures that must be made in financial reports.
The section 253 guidelines apply unless a section 270 certificate is in force for the financial year.
Section 270 reporting guidelines and certificate
The General Manager's reporting guidelines for the purposes of section 270 (pdf) only apply when the General Manager has issued a section 270 certificate to an organisation for that financial year. The General Manager can only issue a certificate to an organisation:
- which is a single reporting unit
- where its income was less than $100,000 for that financial year.
For information about how to obtain a section 270 certificate contact us at firstname.lastname@example.org.
Financial reporting exemptions
Reporting units that meet certain criteria may be eligible for: