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A charity can be classified as small, medium or large, with a charity’s size based on its annual revenue for the reporting period.

For reporting periods starting from the 2022 Annual Information Statement, charity sizes are:

  • Small charities are those with annual revenue under $500,000
  • Medium charities are those with annual revenue of $500,000 or more, but under $3 million
  • Large charities are those with annual revenue of $3 million or more.

For reporting periods covered by 2021 and earlier Annual Information Statements, the following thresholds applied:

  • Small charities: annual revenue under $250,000
  • Medium charities: annual revenue of $250,000 or more, but under $1 million
  • Large charities: annual revenue of $1 million or more.

Revenue

Revenue is a component of total income.

A simple formula to help charities understand this is: Revenue + Other Income = Total Income.

Revenue is realised from the sale of goods or services, or through the use of capital or assets. Revenue can also arise from the contribution of an asset to a charity when certain conditions have been met during the charity's ordinary activities.

See our factsheet on revenue for more information.

Charity size and financial reporting obligations

A charity's financial reporting obligations to the ACNC depend on whether it is considered a small, medium or large charity.

Small Medium Large
Annual Information Statement
Annual financial report (optional) 1 1
Basis of accounting Cash or accrual Accrual 1 Accrual 1
Type of financial statement 2 Small charities can choose to submit a financial statement. The type of financial statement can be the same as a medium or large charity
  • Special purpose financial statement (if not a “reporting entity”) or
  • General Purpose Financial Statement – Reduced/Simplified Disclosure Requirements (Tier 2) or
  • General Purpose Financial Statement – Full (Tier 1)
Review or audit for annual financial report No ACNC obligation for review or audit The ACNC requires your financial reports to be either reviewed or audited 2 The ACNC requires your financial reports to be audited

1Unless the charity is a Basic Religious Charity or other transitional reporting arrangements apply.

2A charity's governing document or grant funding agreements may state whether its financial report needs to be reviewed or audited.

Charity size and other obligations

Charities also have other obligations that are dependent on whether they are small, medium or large.

Obligation Small Medium/Large

Time to notify the ACNC of changes to its:

  • legal name
  • Address For Service
  • Responsible People
  • governing document
  • material error in Annual Information Statement or annual financial report
 ASAP but no later than 60 days ASAP but no later than 28 days
Administrative penalties for not submitting documents More on administrative penalties