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Tasmanian Assoc Inc Act - Proposal to Exempt Small Inc Bodies from Auditing Req
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The Institute and CPA Australia have lodged their joint submission on the Tasmanian Associations Incorporation Act 1964 – Proposal to Exempt Small Incorporated Bodies from Auditing Requirements. 
 
The submission recognises the need for regulatory bodies to reduce the burden of compliance on small incorporated bodies, whilst not compromising the requirement for accountability. Accordingly, two questions are addressed in this submission:

  • Whether the requirement to provide annual audited returns is necessary for all organisations
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  • Whether the requirement to provide annual audited returns is unduly onerous for small associations
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The accounting bodies support the Tasmanian Department of Justice's proposals to exempt small associations from the audit requirement, but suggest that the revenue threshold should be set higher, at $200,000 rather than $20,000. 
 
View the submission here (PDF).