Registered organisations are governed by the following legislation:
Together, these laws set out the obligations of registered organisations in relation to their financial reporting, elections, conduct of officers and other matters. Civil and criminal penalties can apply to registered organisations that do not follow the legislation.
Financial reporting guidelines
Financial reporting needs to be completed in accordance with the:
- Fair Work (Registered Organisations) Act 2009
- Fair Work (Registered Organisations) Regulations 2009
- Australian Accounting Standards
- Financial Reporting Guidelines.
The Australian Accounting Standards and the Financial Reporting Guidelines impose additional obligations to those in the legislation.
Section 253 reporting guidelines
Financial reporting guidelines for the purposes of s.253 of the Fair Work (Registered Organisations) Act 2009 were issued on 13 June 2014. The s.253 financial reporting guidelines apply to each financial year that ends on or after 30 June 2014.
The s.253 guidelines apply unless an s.270 certificate is in force for the financial year.
Section 270 reporting guidelines
The current s.270 financial reporting guidelines apply to financial years which commenced on or after 1 November 2004. The s.270 guidelines only apply where a s.270 certificate has been issued for that financial year (a certificate can only be issued to an organisation which is a single reporting unit, and where income was less than $100,000 for that financial year).
The Registered Organisations Commissioner is currently in the process of reviewing the s.253 and s.270 reporting guidelines in order to incorporate the new legislative requirements.