Finances

The Finances page helps societies track and manage their financial compliance obligations under the Incorporated Societies Act 2022. It guides users through preparing financial statements, meeting reporting standards, obtaining required authorisations, and submitting documents to regulators on time.

Balance Date

Your balance date is the last day of your financial year. Select it from the dropdown (month-end dates from January to December).

• For reregistering societies: Click “Save & Regenerate Financial Years” after selecting your balance date

• For ongoing societies: Click “Confirm” to lock in your balance date (you can edit it later)

If you change your balance date after it has been set, WiseComply will ask whether to apply the change retrospectively (to all years) or from the current year onwards.

Important: If you change your balance date and your society is a registered charity, you must notify Charities Services within 3 months.

Financial Years

WiseComply automatically generates your financial years based on your balance date. The Financial Years table shows:

• Financial Year: The FY label (e.g., FY2024) — the current year is highlighted in purple

• Accounting Period: Start and end dates of each financial year

• Reporting Deadline: 6 months after the end of each financial year

• Financial Statement Filed: Tick when you have filed your financial statement

• Annual Return Filed: Tick when you have filed your annual return

For past financial years, you can tick the checkboxes to record when filings are complete. Current and future years show read-only indicators.

Key deadlines:

• Financial statements must be filed within 6 months of your balance date

• Annual returns must be filed within 6 months of your balance date

• At least 2 committee members must authorise financial statements before filing

Financial Reporting Standards

The Financial Reporting Standards tab runs a short wizard to determine your society’s reporting tier:

• Tier 1 (Simpler standards): Operating payments and assets each under $50,000 for 2 consecutive years

• Tier 2 (Moderate standards): Between $50,000 and $3 million

• Tier 3 (Full standards): Over $3 million or audit required by constitution

The wizard asks about your spending, assets, donee status, and audit requirements, then tells you which tier applies and what accounting standards you need to follow.

Note on audits: An audit is only required if operating expenses exceed $3 million for 2 consecutive years. Smaller societies can choose voluntary audits. WiseComply is not an accounting system — it complements your accountant by organising governance, registers, and evidence so nothing is missed.

Common Questions

• What's the difference between financial statements and an annual return? Financial statements show the society's financial position (income, expenses, assets, liabilities). An annual return is a broader compliance document that includes financial information plus other details like officer changes and member numbers.

• Do we need an auditor? Only if operating expenses exceed $3 million for 2 consecutive years. However, societies can voluntarily choose to have accounts audited or reviewed for good governance.

• What are XRB accounting standards? Standards set by the External Reporting Board for financial reporting. Larger societies must follow these to ensure consistent, professional financial statements.

• Can we change our balance date? Yes, but you must notify Charities Services within 3 months if you're a registered charity. Consider the implications for reporting deadlines and inform the Registrar.

• What happens if we miss the 6-month deadline? Late submission can result in penalties, compliance notices, or in serious cases, risk to the society's registration. Contact the Registrar immediately if you'll be late.

• Who can sign off on financial statements? At least 2 committee members must authorise (review and sign) the statements. Typically, this includes the Treasurer and President or another senior officer.

• Do we need to use WiseComply for financial management? No, the toggle is optional. However, WiseComply helps track your compliance with financial obligations. You can manage finances externally and use WiseComply just for tracking confirmations.

• What if we're not sure which standards apply to us? Check your asset levels and operating payments for the past 2 years. If under $50,000 for both, you can use minimum reporting standards. If above, use XRB standards. When in doubt, consult an accountant.