Financial Obligations
Clubs and organisations in New Zealand need to follow various financial practices to ensure proper governance and accountability. These include maintaining accurate records of income and expenditure, preparing annual financial statements, and submitting tax returns if they are not fully exempt.
Clubs need to maintain a cashbook for tracking receipts and payments, prepare an annual budget, and ensure they comply with tax obligations like filing a Clubs or Societies Income Tax Return (IR9) if they do not qualify for full tax exemption.
Depending on the size and structure, organisations may need to follow External Reporting Board (XRB) standards for financial reporting, especially if they’re registered under the new Incorporated Societies Act.
