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

4   After section 45A

Insert:

45B Small companies limited by guarantee

(1) A company is a small company limited by guarantee in a particular financial year if:

(a) it is a company limited by guarantee for the whole of the financial year; and

(b) it is not a deductible gift recipient at any time during the financial year; and

(c) either:

(i) where the company is not required by the accounting standards to be included in consolidated financial statements - the revenue of the company for the financial year is less than the threshold amount; or

(ii) where the company is required by the accounting standards to be included in consolidated financial statements - the consolidated revenue of the consolidated entity for the financial year is less than the threshold amount; and

(d) it 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

(e) it has not been a transferring financial institution of a State or Territory within the meaning of clause 1 of Schedule 4 to this Act; and

(f) it is not a company that is permitted to use the expression building society , credit society or credit union under section 66 of the Banking Act 1959 at any time during the financial year.

(2) The threshold amount , for the purposes of subparagraphs (1)(c)(i) and (ii), is $250,000, or any other amount prescribed by the regulations for the purposes of this subsection.

(3) Revenue and consolidated revenue are to be calculated for the purposes of this section in accordance with accounting standards in force at the relevant time (even if the standard does not otherwise apply to the financial year of some or all of the companies concerned).