Implications of GST Legislation

The requirements of the GST Legislation applies to community groups in the same way as applies to S355 Committees. If the business is registered for GST, it must lodge a return for each tax period. Further detailed information can be obtained from the Australian Taxation Office or through the website - http://www.ato.gov.au/

Financial Management

Community groups should ensure that appropriate accounting information is recorded and the cash book balance reported to each regular meeting of the group. This is normally done by the groups' Treasurer.

The books should be independently audited at 30 June each year or such other date as is required by the constitution or rules of the group. The end of year results and Auditors' report is normally reported to the Annual General Meeting of the group.

Helpful information is found on the web page www.ourcommunity.com.au/.

Topics available from this site include:

• The Role of Treasurer
• Bookeeping
• Banking
• Working with the Auditor
• Board Reporting

The Fundamentals of Governance

The important issues relating to the operation of the Board of a community group and other relevant issues dealing with the general steering of a community organisation, are included in a publication titled "Board Matters".

This publication is available for interested community groups at Gosford City Library located in Donnison Street Gosford.