Incorporated Societies – It's time to apply for registration under the Incorporated Societies Act 2022 and get ready for financial reporting

As mentioned in our prior articles (July 2019, April 2022 and August 2022) the Incorporated Societies Act 1908 (the 1908 Act) will be repealed and replaced with the new Incorporated Societies Act 2022 (the 2022 Act).

All existing incorporated societies will need to assess whether they still meet the requirements to be an “incorporated society” under the 2022 Act, and, if so, if they intend to re-register under the new 2022 Act.

For entities that do not meet the new requirements or do not intend to re-register, a decision will need to be made as to whether to be liquidated or dissolved under the 1908 Act.

A comparison between the 1908 Act and 2022 Act is available here.

As mentioned in our April 2022 article, all incorporated societies registered under the 2022 Act will be required to prepare and register annual financial statements within 6 months of the incorporated society’s reporting date, with reporting requirements differing depending on an incorporated society’s size and public accountability. In summary reporting requirements are as follows:


Reporting Requirements

  • Total expenses greater than $30 million; or
  • Public Accountability”
  • Total expenses less than $30 million
  • Tier 2 XRB standards - PBE Standards with reduced disclosure requirements (PBE Standards RDR)
  • Total expenses less than $2 million
  • Total operating payments less than $140,000
  • Total operating payments less than $50,000 in each of the previous 2 financial years, PLUS
  • Total current assets of less than $50,000 at the end of the 2 previous financial years, PLUS
  • is not a registered charity or donee organisation for tax purposes.
  • Small society'
    Minimum standards under Incorporated Societies Act 2022

You can read more about what standards apply to your incorporated society here.

Incorporated societies that are considered large and are not charitable entities (which have their own requirements under Charities Act 2005) will also need to have their annual financial statements audited by a qualified auditor. An incorporated society is considered large for this requirement if in each of the 2 preceding accounting periods of the incorporated society, the total operating payments of the incorporated society and all entities it controls (if any) are $3 million or more.

Registrations can be made under the 2022 Act from 5 October 2023. The final date for registration for existing incorporated societies under the 2022 Act is 5 April 2026

For more details on the law changes for incorporated societies, please refer to the New Zealand Company’s Office Website.

Incorporated Societies Regulations 2023

It should also be noted that the Incorporated Societies Regulations 2023 were published on 7 September 2023. The Regulations should be read in conjunction with the Incorporated Societies Act 2022.

These regulations support the implementation of the 2022 Act by prescribing items such as:

  • How incorporated societies apply for registration or reregistration under the 2022 Act
  • The initial fees for registration and restoration, and
  • Other matters relating to the administration of incorporated societies.

You can access the Incorporated Societies Regulations 2023 here.


For more on the above, please contact your local BDO representative.