Corporations Amendment (Corporate Reporting Reform) Act 2010 (66 of 2010)

Schedule 1   Amendments relating to the Corporations Act 2001

Part 1   Main amendments

Corporations Act 2001

30   At the end of section 301

Add:

Companies limited by guarantee

(3) A company limited by guarantee may have its financial report for a financial year reviewed, rather than audited, if:

(a) the company is not one of the following:

(i) a Commonwealth company for the purposes of the Commonwealth Authorities and Companies Act 1997;

(ii) a subsidiary of a Commonwealth company for the purposes of that Act;

(iii) a subsidiary of a Commonwealth authority for the purposes of that Act; and

(b) one of the following is true:

(i) the company is not required by the accounting standards to be included in consolidated financial statements and the revenue of the company for the financial year is less than $1 million;

(ii) the company is required by the accounting standards to be included in consolidated financial statements and the consolidated revenue of the consolidated entity for the financial year is less than $1 million.

(4) A small company limited by guarantee's financial report for a financial year does not have to be audited or reviewed if:

(a) the report is prepared in response to a member direction under section 294A; and

(b) the direction does not ask for the audit or review.

Note: The following heading to subsection 301(2) is inserted "Small proprietary companies".