(1)  If an incorporated association is not exempted under section 24(1B) or (1C) , the incorporated association shall, within a period of 6 months after the end of its financial year, lodge with the Commissioner an annual return containing–

(a) a report on the accounts of the association stating whether the association has, in the opinion of the auditor of that association, kept proper accounting records and other books during the period covered by those accounts;

(b) such statements as in the opinion of the auditor are adequate to explain its financial transactions for that financial year and its financial position at the end of that financial year;

(c) a report by the auditor on the statements referred to in paragraph (b) ; and

(d) a list, signed by the auditor, of the names and residential addresses of the committee for that financial year.

(1A)  If an incorporated association is exempted under section 24(1B) or (1C) , the incorporated association must, within a period of 6 months after the end of each financial year, lodge with the Commissioner an annual return, signed by the public officer, containing–

(a) a statement of the association's income and expenditure for that financial year; and

(b) a list of the names and residential addresses of the committee for that financial year.

(1B)  Despite subsection (1) or (1A) , an incorporated association is not required to provide an annual return under this section for a financial year if the incorporated association –

(a) was a registered entity, within the meaning of the Australian Charities and Not-for-profits Commission Act 2012 of the Commonwealth, for all or part of the financial year; and

(b) has, in respect of the financial year, complied with the financial and reporting requirements of that Act.

(1C)  An incorporated association to which subsection (1B) applies in respect of a financial year must, within 30 days after being requested to do so by the Commissioner, provide the Commissioner with a copy of the annual financial report given in respect of the financial year under the Australian Charities and Not-for-profits Commission Act 2012 of the Commonwealth.

Penalty:  Fine not exceeding 20 penalty units.

(2)  An annual return which is lodged pursuant to subsection (1) shall be accompanied by the relevant fee prescribed in the regulations.

(3)  An annual return which is lodged more than 6 months after the expiration of an association's financial year shall be accompanied by a late lodgment penalty determined as prescribed in the regulations.

(4)  Where the Commissioner is of the opinion that special circumstances exist, he may waive payment of the late lodgment penalty under subsection (3) .