Review versus Audit

Hi,

We are a medium-sized reporting association under the Associations Incorporation Act 1981 (Qld), not registered with the Australian Charities and Not-for-Profits Commission.

We have revenue (income) below $500,000 and current assets below $1,000,000. Do we need an Audit?

Response: You do not need an audit under recent changes on 1 July 2023 to the Associations Incorporation Act 1981 (Qld) and regulations. However, as a minimum, you need a review. A quick Google search for "Qld Associations reporting" will explain all the changes.