Sporting Clubs

Clubs and associations with annual turnover of $150,000 or more are required to register for GST. Note that the threshold for not-for-profit organisations is $150,000, not the standard $75,000 that applies to commercial businesses. Some membership subscriptions are GST-free, while other income like canteen sales and bar revenue is taxable. We ensure your BAS correctly reflects the mix of income types in your club.

At a minimum, most club constitutions require the presentation of an annual income and expenditure statement and a balance sheet at the AGM. Some clubs are also required to have their accounts reviewed or audited depending on their size and incorporated association rules. We prepare these reports in a clear, accessible format that your committee and members can easily understand.

We set up your chart of accounts in Xero with separate income categories for each revenue stream. This means your committee can see at a glance how much revenue is coming from each source and how it compares to budget, without needing to understand complex accounting reports.

If your club is registered for GST and makes taxable supplies, you can claim input tax credits on the GST included in your expenses. For clubs with a mix of taxable and GST-free income, the claim is proportional. We calculate this correctly in your BAS each quarter.

The committee is collectively responsible for the club’s financial management, even if day-to-day responsibility sits with the treasurer. We work alongside your volunteer treasurer to ensure the accounts are accurate and up to date, and that the committee always has the information they need to make sound financial decisions on behalf of the club.