Financial reporting exemptions for ACNC registered charities
Licence holders who are also registered charities with the ACNC will no longer be required to submit an annual statement to Consumer Protection or provide a copies of financial reports. This exemption will be conditional on the licence holder meeting its annual reporting obligations to the ACNC and including their WA licence number when submitting the Annual Information Statement (AIS) (referred to as the “fundraising licence number” in this form).
ACNC registered organisations are still required to notify Consumer Protection of changes to the Principal Executive Officers, contact details and the appointed auditor/reviewer (where applicable).
Financial reporting requirements
Auditing requirements
The requirements to complete a review or audit of the financial report in the future will depend on a licence holders reporting category. Licensed charities will be categorised as small, medium or large based on their total annual revenue. The reporting categories and requirements will be set as follows:
| Category | Annual revenue | Reporting requirements |
|---|---|---|
| Small | Less than $500,000 |
Financial report to be prepared.
No audit or review required.
|
| Medium | $500,000 or over but less than $3,000,000 |
Financial report to be prepared.
A review or audit to be completed
|
| Large | $3,000,000 or over |
Financial report to be prepared.
Audit to be completed.
|
Note: These revenue categories changed on 1 July 2022 and are consistent with both the ACNC and the tiered reporting requirements for incorporated associations under the Associations Incorporation Act 2015 (WA).
Reporting to Consumer Protection
Information provided by Principal Executive Officers
Principal Executive Officers will no longer be required to provide a National Police Certificate or complete a Principal Executive Office Declaration form.
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Amendments to Charitable Collections Act 1946 (WA)
- The responsibilities of the Minister for Commerce with respect to approving licences, setting conditions and commencing inquiries into the revocation of licences have been vested with the Commissioner for Consumer Protection.
These changes are to be consistent with the responsibilities exercised by the Commissioner in respect to other licencing legislation administered by Consumer Protection.
- Previous requirements for all licence holders to provide audited financial reports have been replaced and licence holders are now required to maintain records of their collections and only provide audited reports if requested by the Commissioner.
These changes have enabled Consumer Protection to introduce the new auditing requirements based on a licence holder’s revenue and reduce the reporting burden of small charitable organisations.
- Outdated penalties for offences under the Act have been increased to provide more effective deterrence and reflect community expectations.