We can help with systems or prepare the report for you.
We have prepared reports for RSLs and clubs reporting to Clubs Australia.
Here is some information we have learnt over the last years.
Company Limited By Guarantee
First, take a look at our "company limiteds by guarantee" article as these clubs seem to use this structure only.
It is similar to a company, except:
- There is NO share capital recorded, as there are no shares, its a membership
- Dividends are never accounted for, as the profit is reinvested for the entity, not the members
- The equity section says "profit" or "loss", it does NOT say "surplus"
- There is a disclosure that shows the "guarantee amount" which is in the constitution
- There is a disclosure that shows the number of members
- The income tax accounting policy may vary, based on the type of entity, such as registered clubs
Registered Clubs
Clubs Australia is a coalition of all the state club bodies.
This is what they say they do:
Clubs Australia is the coalition of state and territory associations representing the interests of more than 5,000 licensed clubs across Australia and New Zealand.
As the peak industry body, Clubs Australia’s principal aim is to be an effective advocate of club interests, promoting policies that provide for a strong and dynamic club sector. Our diverse membership includes not-for-profit bowls, golf, RSL, leagues, ethnic, community and workers clubs.
The Association represents clubs in dealings with parliamentarians, government departments and the media, and keeps clubs informed of key policy developments.
Our research so far shows that registered clubs must report to their state body each year.
The club must provide audited general purpose financial reports.
Tax Treatment
There is also a unique tax treatment for these clubs.
Google this: Mutuality and taxable income for not-for-profits