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Contents (2010 - 238)
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Associations Incorporation Regulation 2010
Repealed version for 16 October 2015 to 31 August 2016 (accessed 23 June 2017 at 00:13)
Part 3
Part 3 Financial reporting
7   Gross receipts and current assets for Tier 1 associations
(1)  For the purposes of section 42 (1) (a) of the Act, a Tier 1 association’s gross receipts for a financial year are equal to the total revenue recorded in the association’s income and expenditure statement for that financial year.
(2)  For the purposes of section 42 (1) (b) of the Act, the current assets of a Tier 1 association are equal to the assets (other than real property or assets capable of depreciation) held by the association as at the end of the association’s last financial year, including amounts held in financial institutions, stocks and debentures.
(3)  For the purposes of section 42 (1) of the Act, the prescribed amount is:
(a)  in relation to gross receipts—$250,000, and
(b)  in relation to current assets—$500,000.
8   Financial statements for Tier 1 associations
(1)  For the purposes of section 43 (2) of the Act, the financial statements prepared by a Tier 1 association must:
(a)  include details of any mortgages, charges and other securities affecting any property owned by the association, and
(b)  include a separate income and expenditure statement and balance sheet for each trust for which the association is the trustee.
(2)  The Director-General may exempt an association, or a class of associations, from the requirement to prepare financial statements in accordance with the Australian Accounting Standards.
(3)  Such an exemption may be given either generally or as otherwise specified in the exemption.
9   Financial statements for Tier 2 associations
For the purposes of section 47 (2) of the Act, the financial statements prepared by a Tier 2 association must include the following:
(a)  an income and expenditure statement and a balance sheet that sets out the appropriately classified individual sources of income and individual expenses incurred in the operation of the association and the assets and liabilities of the association,
(b)  details of any mortgages, charges and other securities affecting any property owned by the association,
(c)  a separate income and expenditure statement and balance sheet for each trust for which the association is the trustee.