Electoral Funding Act 2018

A registered party must, within 16 weeks after the end of each financial year (or within such longer period as may be prescribed by the regulations), provide the Electoral Commission with a copy of the audited annual financial statements of the party in a form approved by the Electoral Commission.

The annual financial statements must be prepared in accordance with the Australian Accounting Standards and must deal with such matters as are prescribed by the regulations.

The annual financial statements must set out the following—

the total amount received by, or on behalf of, the party during the financial year,

the total amount paid by, or on behalf of, the party during the financial year,

the total outstanding amount, as at the end of the financial year, of all debts incurred by, or on behalf of, the party,

such other details about the amounts (or about particular kinds of the amounts) so received or paid, or debts so incurred, as the regulations require.

The Electoral Commission may waive compliance with this section in any of the following cases—

where the party to which the annual financial statements relate is not eligible to receive a payment under Part 4 (Public funding of State election campaigns) or Part 5 (Administrative and New Party policy development funding),

where the Electoral Commission considers the cost of compliance would be unreasonable.

In this section, Australian Accounting Standards means Accounting Standards issued by the Australian Accounting Standards Board (as in force from time to time).