About 3000 not-for-profit community associations across Tasmania will benefit from the Liberal Government’s latest move to cut red tape.
Today, I will table the Associations Incorporation Amendment Bill 2016, which will increase the threshold at which incorporated associations require audits, saving these organisations as much as $900,000 a year.
The Bill will also exempt incorporated associations registered with the Australian Charities and Not-for-Profits Commission (ACNC) from having to provide duplicate financial reports to both that body and to our Commissioner for Corporate Affairs.
Tasmanian legislation will be aligned to the ACNC’s audit and financial reporting requirements, including an increase in the threshold for when audits are required from revenues of $40,000 a year to up to $250,000.
While, appropriately, organisations will still be required to lodge financial statements with the ACNC or the Commissioner, the saving on audits will be considerable.
Audits – even for organisations with rather small turnovers – can be quite costly, often running into the thousands of dollars.
Incorporated associations, including local charities, special interest clubs and sporting bodies, will be able to invest these savings back into their activities for the benefit of their communities.
Less paperwork will also be welcomed by the officers of these organisations, who are generally volunteers.
This Bill is yet another example of the Liberal Government’s commitment to cutting red tape, which is helping to reduce the cost of doing business in Tasmania; creating jobs and benefiting the wider community.
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