Which tier is our club, and what financial reporting does it need?

Western Australian incorporated associations, including sporting clubs, are placed in a tier by the annual revenue they earn in a financial year:

• Tier 1: under $500,000
• Tier 2: over $500,000 but under $3,000,000
• Tier 3: $3,000,000 or more

In short: Tier 1 prepares simple financial statements; Tier 2 prepares a full financial report that is reviewed every year; Tier 3 prepares a full financial report that is audited every year. The next questions set out each tier.

The thresholds were raised from the earlier $250,000 and $1 million levels to align with ACNC national reporting, so older guides may show the old figures. Members of Tier 1 and Tier 2 associations can still choose to impose additional obligations, including a review or audit.

Sources: Consumer Protection WA, Tiered financial reporting (https://consumerprotection.wa.gov.au/inc-guide-incorporated-associations-western-australia/tiered-financial-reporting) and Reducing financial red tape for WA's incorporated associations (https://consumerprotection.wa.gov.au/announcements/reducing-financial-red-tape-was-incorporated-associations).