97Annual financial statements of registered parties

#### 97 Annual financial statements of registered parties 97 Annual financial statements of registered parties (cf section 96N EFED Act) > > (1) 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. > > > > Note. > > > > Section 78 provides that a party or candidate is not eligible for any payment (other than advance payments) under Part 4 (Public funding of State election campaigns) in respect of a general election while any failure to lodge annual financial statements under this Part for a past period continues in respect of the party or candidate (or of any group of which the candidate is a member). > > > > Section 96 provides that a party or elected member is not eligible for any payment under Part 5 (Administrative and New Party policy development funding) while any failure to lodge annual financial statements under this Part for a past period continues in respect of the party or member. > > > (2) 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. > > > (3) The annual financial statements must set out the following— > > > > > (a) the total amount received by, or on behalf of, the party during the financial year, > > > > > (b) the total amount paid by, or on behalf of, the party during the financial year, > > > > > (c) the total outstanding amount, as at the end of the financial year, of all debts incurred by, or on behalf of, the party, > > > > > (d) 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. > > > (4) The Electoral Commission may waive compliance with this section in any of the following cases— > > > > > (a) 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), > > > > > (b) where the Electoral Commission considers the cost of compliance would be unreasonable. > > > (5) In this section, Australian Accounting Standards means Accounting Standards issued by the Australian Accounting Standards Board (as in force from time to time).