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CORPORATIONS ACT 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.1 - OVERVIEW  

SECTION 285A  

285A  OVERVIEW OF OBLIGATIONS OF COMPANIES LIMITED BY GUARANTEE  

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The following table sets out what is involved in annual financial reporting for companies limited by guarantee:
Annual financial reporting for companies limited by guarantee
ItemNature of companyObligationsSections
1Small company limited by guarantee.No obligation to do any of the following unless required to do so under a member direction or ASIC direction:
· prepare a financial report;
· prepare a directors' report;
· have financial report audited;
· notify members of reports.
Sections 292, 301 and 316A
2Company limited by guarantee with annual revenue or, if part of a consolidated entity, annual consolidated revenue of less than $1 million.Must prepare a financial report.
Must prepare a directors' report, although less detailed than that required of other companies.
Need not have financial report audited unless a Commonwealth company, or a subsidiary of a Commonwealth company or Commonwealth authority. If the company does not have financial report audited, it must have financial report reviewed.
Must give reports to any member who elects to receive them.
Sections 292, 298, 300B, 301, 316A
3Company limited by guarantee with annual revenue or, if part of a consolidated entity, annual consolidated revenue of $1 million or more.Must prepare a financial report.
Must prepare a directors' report, although less detailed than that required of other companies.
Must have financial report audited.
Must give reports to any member who elects to receive them.
Sections 292, 298, 300B, 301, 316A


 



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