Contents (2010 - 238)
Associations Incorporation Regulation 2010
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.