Co-operatives must keep written financial records that show transactions, its financial position and performance. Records must be kept for 7 years. If recorded in another language, attach an English transcript.
Small co-operatives
A small co-operative doesn’t issue shares to more than 20 members exceeding $2 million or doesn’t issue securities to the public. A small co-operative must also have at least one of the following:
- total income of less than $8 million
- total gross assets less than $4 million
- fewer than 30 employees.
Audits
An auditor isn’t needed if the co-operative is small. However, co-operative members or Consumer and Business Services (CBS) can request an audit. Directors must then appoint an auditor.
Financial reports
Small co-operatives need to report to members within five months of the end of the co-operative’s financial year and include:
- detailed income and expenditure statement
- detailed balance sheet
- statement of changes in equity.
A cash flow statement is also needed when a co-operative controls entities that have both:
- a combined income of $750,000 or more
- a value of the combined gross assets of $250,000 or more.
The financial statements must comply with Australian accounting standards and include:
- financial position, performance and cash flows
- figures for the previous year
- statement of accounting policies.
The directors must present financial reports at the annual general meeting (AGM). Financial reports and directors’ reports must also be presented to members if at least 5% of voting members request them.
Disclosing entity co-operatives have additional reporting requirements and should consult their legal or financial adviser about these obligations.
Annual report for a small co-operative – CBS form (344KB PDF)
Lodgement fee - $121
Large co-operatives
Large co-operatives issue shares to more than 20 members exceeding $2 million or issue securities to the public. The co-operative must also have at least one of the following:
- total income of more than $8 million
- total gross assets more than $4 million
- more than 30 employees.
Audits
A registered company auditor is needed for large co-operatives. The auditor must be appointed at the first annual general meeting (AGM) or by directors within one month of registration, if before the AGM.
Financial reports
Large co-operatives need to report to members and Consumer and Business Services (CBS) within five months of the co-operative’s end of financial year. Reports must comply with Australian accounting standards and include:
- financial statements for the year
- notes to financial statements
- directors’ report
- auditor’s report.
Reports need to be lodged in the state where the co-operative is registered. Advise CBS if financial records are kept in another state.
Annual report for a large co-operative (37KB PDF)
Extend or shorten time to report (188KB PDF)
Lodgement fee - $121
Contact CBS Associations and Cooperatives
Email: associations@sa.gov.au
Phone: 131 882, choose option 7
You can also book an appointment with the Associations Team for further assistance.
Related information
On this site
Other websites
Reporting obligations for disclosing entities - Australian Securities and Investments Commission
