The treasurer's primary legal function is financial accountability. The Associations Incorporation Act 1981 (Qld) imposes specific obligations on the entire management committee — but in practice, the treasurer is responsible for meeting them.
Keeping financial records — s.59
The management committee must ensure the association keeps financial records that:
- Correctly record and explain all financial transactions
- Reflect the association's financial position at any time
- Enable preparation of true and fair financial statements
- Enable audit or verification if required
This is a committee-wide obligation. Every committee member shares the legal duty. But the treasurer is the person who keeps the records and is expected to lead on this. If the records are inadequate, every committee member can be penalised.
Penalty: Up to 20 penalty units ($3,338 at 2025/26 rates) per member for a large association; up to 10 penalty units ($1,669) per member for a small or medium association.
Preparing the annual financial statement — s.59A
The management committee must ensure a financial statement is prepared within 6 months of the end of each financial year.
The statement must give a true and fair view of the association's financial position and the results of its operations for the year.
Penalty: Up to 20 penalty units ($3,338) per member for a large association; up to 10 penalty units ($1,669) per member for a small or medium association.
Note: s.59A does not apply to associations exempt under the Act (e.g. ACNC-registered charities). Most croquet clubs are not exempt.
Verification and audit — which tier applies to your club?
The level of scrutiny required depends on the club's size. Thresholds were updated on 1 July 2023:
| Tier | Revenue | Current assets* | What's required | Who signs | Source |
|---|---|---|---|---|---|
| Level 3 (small) | Under $150,000 AND | Under $300,000 | Verification statement | President or treasurer personally signs | s.59AB |
| Level 2 (medium) | $150,000–$500,000 OR | $300,000–$1,000,000 | Verification report from a qualified professional | Qualified accountant, CPA, or equivalent | s.59AB |
| Level 1 (large) | Over $500,000 OR | Over $1,000,000 | Full audit report | Registered company auditor | s.59AA |
Most Queensland croquet clubs are Level 3.
*Current assets excludes real property (land and buildings) and depreciable assets (vehicles, equipment). A club that owns its grounds may have lower current assets than its total assets suggest.
All verification reports or audit reports must be completed within 6 months of the financial year end.
What Level 3 means for the treasurer
At Level 3, there is no auditor. There is no external accountant required. The president or treasurer personally signs a verification statement confirming that:
- Adequate financial records were kept during the year
- The financial statements give a true and fair view
You are signing on your personal authority. If you sign and the records were inadequate, you are personally exposed.
What this requires in practice: You need to actually know the state of the accounts — not just sign a form. Review the records throughout the year, not just at the end. If you inherit the role mid-year, review the records from the start of the financial year before you sign.
Penalty for Level 3 non-compliance: Up to 10 penalty units ($1,669) per committee member.
If you are unsure which tier applies
Ask yourself: 1. What was total revenue for the last financial year? 2. What is the total value of the club's current assets — cash, receivables, and liquid assets, excluding land, buildings, and depreciable equipment?
If revenue is under $150,000 and current assets are under $300,000, you are Level 3. If either threshold is exceeded, you move up a tier. If you are close to a threshold, measure carefully — the tier you are in determines whether you need a professional.
If still uncertain, contact CAQ or the Queensland Office of Fair Trading (13 74 68).
Sources
- Associations Incorporation Act 1981 (Qld) — ss.59, 59A, 59AA, 59AB — legislation.qld.gov.au
- Associations Incorporation and Other Legislation Amendment Act 2020 (Qld) — legislation.qld.gov.au
Related
- ← Treasurer Legal Duties — the full overview
- Annual Obligations — presenting and lodging the financial documents
- Officer Duties — your personal duties as an officer (including insolvent trading)
- Secretary Annual Obligations — the AGM process and lodging mechanics