Financial Disclosure Guide for Associated Entities

Updated: 6 July 2016


Date for public inspection of annual returns

Annual returns are made available for public inspection on the first working day of February each year.

Returns can be seen at:

  • through public access terminals in AEC State Offices located in each state and territory capital city
  • through public access terminals at the AEC National Office in Canberra.

Record keeping

Associated entities must give consideration to the financial recording systems and procedures that are appropriate to their needs and circumstances.

Financial recording systems and procedures must be sufficient to enable the return, which will be publicly available, to be properly completed.

All transactions should be supported by source documents recording the details of individual transactions.

Examples of source documents are:

  • receipts
  • tax invoices
  • loan documents
  • wages records
  • bank deposit books and cheque butts
  • bank account statements
  • credit card statements.

Source documents contain information required to complete the return, such as the:

  • date of the transaction
  • name of person and/or organisation from whom a receipt was received
  • name of person and/or organisation to whom a payment was made
  • total payment made or amount received
  • amount of goods and services tax (GST)
  • merchant fees.

A cash book may be used to record all receipts and payments, whether by cash, cheque, credit card, direct debit, direct credit, EFTPOS or other payment or receipt method. An example of an other payment or receipt method is where the associated entity has received a gift-in-kind.

While all amounts received and paid can be recorded in a cash book, the cash book may be incomplete. Therefore the cash book should be reconciled to external bank statements to ensure transactions that have been made directly to all the associated entity's bank accounts are included. A cash book can assist with completing the return.

Retention of records

All relevant records, whether formal or informal, should be retained for a minimum of three years. Receipt books, bank records, receipt registers, source documents and working papers supporting the completion of the return must be kept for this period.