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Contents (2009 - 7)
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Associations Incorporation Act 2009 No 7
Current version for 1 September 2016 to date (accessed 24 March 2017 at 09:06)
Part 5 Division 1
Division 1 Tier 1 associations
42   Application of Division
(1)  This Division applies to any association:
(a)  whose gross receipts (as calculated in accordance with the regulations) for the financial year last ended, or
(b)  whose current assets (as calculated in accordance with the regulations),
exceed such amount as may be prescribed by the regulations (a Tier 1 association).
(2)  Despite subsection (1), this Division does not apply to any association that the Secretary declares not to be a Tier 1 association.
(3)  Such a declaration may be made in respect of an association whose gross receipts for the financial year last ended were negligible, but whose current assets are such that it would (but for the declaration) be a Tier 1 association, and not otherwise.
43   Financial statements
(1)  As soon as practicable after the end of each financial year, the committee of a Tier 1 association:
(a)  must cause financial statements for that year to be prepared in relation to the association’s financial affairs (including its affairs as trustee of any trust), and
(b)  must cause the financial statements to be audited in time for them to be submitted to the association’s next annual general meeting.
Maximum penalty: 5 penalty units.
(2)  The 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 auditor’s report:
(a)  must be prepared in accordance with the Australian Auditing Standards, and
(b)  must state whether the association has kept such financial records as are necessary to enable financial statements to be prepared in accordance with the Australian Accounting Standards.
44   Submission of reports and statements to AGM
At each annual general meeting of a Tier 1 association, the association’s committee must cause:
(a)  the association’s financial statements for the previous financial year, and
(b)  the auditor’s report for those statements,
to be submitted to the meeting.
Maximum penalty: 5 penalty units.
45   Lodgment of documents with Secretary
(1)  A Tier 1 association must lodge the following documents with the Secretary in accordance with this section:
(a)  a summary, in the approved form, of the association’s financial affairs for the previous financial year,
(b)  the association’s financial statements for that year,
(c)  the auditor’s report for those statements,
(d)  a document setting out the terms of any resolution passed at the association’s annual general meeting in connection with the documents referred to in paragraphs (b) and (c).
Maximum penalty: 5 penalty units.
(2)  The documents referred to in subsection (1):
(a)  must be lodged within:
(i)  one month after the annual general meeting for the current financial year, or
(ii)  7 months after the end of the previous financial year,
whichever is the earlier, or within such further time as the Secretary may allow, and
(b)  must be accompanied by the fee prescribed by the regulations.
(3)  For the avoidance of doubt, the documents referred to in subsection (1) are taken not to have been lodged if the relevant fee has not been paid.