9 August 2017
A new federal regulator, the Registered Organisations Commission, is urging unions and employer associations to familiarise themselves with their up-coming financial reporting deadlines.
“We are here to help registered organisations voluntarily comply with their requirements,” Registered Organisations Commissioner, Mark Bielecki, said. “We have an extensive suite of model financial statements, guidance notes and templates available on our website which are designed to streamline and ensure high levels of voluntary compliance.”
The Registered Organisations Commission was established in May this year to regulate and promote accountability within unions and employer associations.
“A key change for these organisations is to have an auditor registered by the ROC,” Commissioner Bielecki said.
Many registered organisations also have their Loans Grants and Donations Statements due by 28 September 2017.
“We have proactively written to many unions and employer associations, alerting them to their financial reporting obligations,” Commissioner Bielecki said. “Audited financial reports must be presented to a meeting of the organisation’s members no later than 31 December 2017. These reports must be lodged with us within two weeks of this meeting.”
Registered organisations that do not comply with their financial reporting obligations risk civil penalties of up to $105,000.
“As a new regulator, we are committed to encouraging a culture of voluntary compliance within registered organisations and fostering their efficient management,” Commissioner Bielecki said. “By improving accountability and transparency within unions and employer organisations, we can enhance public confidence in the sector.”
Registered organisations are invited to visit www.roc.gov.au for a suite of resources.
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