Document ID: chunk:federal_register_of_legislation:F2025L00184:reg:16
Version: federal_register_of_legislation:F2025L00184
Segment Type: reg
Provision Reference: reg 16
Character Range: 21205–22626

16  Financial reports

 (1) A community charity must prepare, or cause to be prepared, a financial report showing the charity's financial position for each *financial year. The financial report must be prepared in accordance with this section.
Penalty: 10 penalty units.

 (2) The financial report must be prepared in accordance with the *accounting standards.
Note: If a community charity is required to prepare, and does prepare, a financial report in accordance with Subdivision 60‑C of the Australian Charities and Not‑for‑profits Commission Act 2012, it will have satisfied this section.
 (3) All transactions (other than gifts of money) between a community charity and a founder of the charity, a *relative of the founder, a donor to the charity, a *relative of the donor, a trustee or corporate director of the charity, an officer, *agent, *member or employee of a trustee or a *community charity corporation, or an *associate of any of these entities, must be disclosed in the financial report.
 (4) The financial report must be prepared before the charity is required to give to the Commissioner the charity's *income tax return for the relevant *financial year.
 (5) The charity must make the financial report available to the Commissioner on request, unless the financial report has already been given to the Commissioner of the Australian Charities and Not‑for‑profits Commission.
Penalty: 10 penalty units.