Reg 3A.04 repealed by SLI No 155 of 2013, reg 4 and Sch 1 item 93, effective 1 July 2013. Reg 3A.04 formerly read:
REGULATION 3A.04 CAPITAL REQUIREMENTS
3A.04(1)
For subsection
29DA(2)
and paragraphs
29DA(3)(a) and (4)(b)
of the Act, the amount of $5,000,000 is prescribed.
3A.04(2)
For subsection
29DA(6)
of the Act:
net tangible assets
means the total assets of a constitutional corporation:
(a)
less total liabilities of the corporation; and
(b)
less any intangible assets reported in the corporation's books of account;
calculated on the basis of assets and liabilities as they would appear if, at the time of calculation, a balance sheet were made up for lodgement as part of a financial report under Chapter 2M of the
Corporations Act 2001
(the
Corporations Act
) on the basis that the corporation is a reporting entity.
3A.04(3)
For subregulation (2), at any time before 1 May 2007, an applicant or trustee must calculate its total assets by excluding:
(a)
all receivables receivable from either:
(i)
a related party as defined by AASB 1017 and Part
E2.2
of Chapter
2E
of the Corporations Act; or
(ii)
a related party as defined by AASB 124 and Part
2E.2
of Chapter
2E
of the Corporations Act; and
(b)
any assets that are subject to any charge that secures the liability of a person other than the corporation, to the extent of the value of that charge; and
(c)
any assets to which the corporation is not legally and beneficially entitled or that are not held in the name of the corporation; and
(d)
any assets (
illiquid assets
) that are not capable of being converted into cash in the short term.
History
Reg 3A.04(3) to (6) substituted for reg 3A.04(3) and (4), by SLI No 335 of 2005, reg 3 and Sch 1 item 3, applicable in relation to an application for an RSE licence made on or after 21 December 2005.
Note:
An application made by an applicant that has been examined using AASB 1017, and on which a decision has been made, before the day on which these Regulations commence, will not be re-examined using AASB 124.
Reg 3A.04(3) formerly read:
3A.04(3)
For subregulation (2):
total assets
does not include:
(a)
any receivables from related parties as defined by AASB 1017 and Part 2E.2 of Chapter 2E of the Corporations Act; and
(b)
any assets that are subject to any charge that secures the liability of a person other than the corporation, to the extent of the value of that charge; and
(c)
any assets to which the corporation is not legally and beneficially entitled or that are not held in the name of the corporation; and
(d)
any assets (
illiquid assets
) that are not capable of being converted into cash in the short term.
total liabilities
includes all payables to related parties as defined by AASB 1017 and Part 2E.2 of Chapter 2E of the Corporations Act.
3A.04(4)
For subregulation (2), an applicant or trustee must calculate its total liabilities at any time before 1 May 2007 by including all payables payable to:
(a)
a related party as defined by AASB 1017 and Part
2E.2
of Chapter
2E
of the Corporations Act; or
(b)
a related party as defined by AASB 124 and Part
2E.2
of Chapter
2E
of the Corporations Act.
History
Reg 3A.04(3) to (6) substituted for reg 3A.04(3) and (4), by SLI No 335 of 2005, reg 3 and Sch 1 item 3, applicable in relation to an application for an RSE licence made on or after 21 December 2005.
Note:
An application made by an applicant that has been examined using AASB 1017, and on which a decision has been made, before the day on which these Regulations commence, will not be re-examined using AASB 124.
Reg 3A.04(4) formerly read:
3A.04(4)
For the definitions of
total assets
and
total liabilities
:
AASB 1017
means AASB 1017 Related Party Disclosures, published by the Australian Accounting Standards Board, as in force on 1 July 2004.
Reg 3A.04 inserted by SR No 113 of 2004, reg 3 and Sch 1 item 3, effective 1 July 2004.
3A.04(5)
For subregulation (2), an applicant or trustee must:
(a)
calculate its total assets on and after 1 May 2007 by excluding:
(i)
all receivables receivable from a related party as defined by AASB 124 and Part
2E.2
of Chapter
2E
of the Corporations Act; and
(ii)
any assets that are subject to any charge that secures the liability of a person other than the corporation, to the extent of the value of that charge; and
(iii)
any assets to which the corporation is not legally and beneficially entitled or that are not held in the name of the corporation; and
(iv)
any assets (
illiquid assets
) that are not capable of being converted into cash in the short term; and
(b)
include in its total liabilities on and after 1 May 2007 all payables payable to a related party as defined by AASB 124 and Part
2E.2
of Chapter
2E
of the Corporations Act.
History
Reg 3A.04(3) to (6) substituted for reg 3A.04(3) and (4), by SLI No 335 of 2005, reg 3 and Sch 1 item 3, applicable in relation to an application for an RSE licence made on or after 21 December 2005.
Note:
An application made by an applicant that has been examined using AASB 1017, and on which a decision has been made, before the day on which these Regulations commence, will not be re-examined using AASB 124.
3A.04(6)
In this regulation:
AASB 1017
means AASB 1017,
Related Party Disclosures
, published by the Australian Accounting Standards Board, as in force on 1 July 2004.
AASB 124
means AASB 124,
Related Party Disclosures
, published by the Australian Accounting Standards Board.
History
Reg 3A.04(3) to (6) substituted for reg 3A.04(3) and (4), by SLI No 335 of 2005, reg 3 and Sch 1 item 3, applicable in relation to an application for an RSE licence made on or after 21 December 2005.
Note:
An application made by an applicant that has been examined using AASB 1017, and on which a decision has been made, before the day on which these Regulations commence, will not be re-examined using AASB 124.
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