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CORPORATIONS ACT 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.3 - FINANCIAL REPORTING  

Division 1 - Annual financial reports and directors' reports  

SECTION 298  ANNUAL DIRECTORS ' REPORT  

298(1)  

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The company, registered scheme or disclosing entity must prepare a directors ' report for each financial year.

298(1AA)  

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Except in the case of a company limited by guarantee or a company covered under subsection (1AC), the report must include:


(a) the general information required by sections 299 (all entities) and 299A (additional requirements for listed entities); and


(b) the specific information required by sections 300 and 300A ; and


(c) a copy of the auditor ' s declaration under section 307C in relation to the audit for the financial year.

298(1AB)  

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In the case of a company limited by guarantee, the report must include:


(a) the general information required by section 300B ; and


(b) a copy of the auditor ' s declaration under section 307C in relation to the audit or review for the financial year.

298(1AC)  

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This subsection covers a company if:


(a) the company is covered under section 738ZI at the end of the relevant financial year; and


(b) the company has not had its financial report for the financial year audited because subsection 301(5) exempts it from the requirement to do so under subsection 301(1) .

298(1AD)  

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In the case of a company covered under subsection (1AC), the report must include:


(a) the general information required by section 299 ; and


(b) the specific information required by section 300 .

298(1A)  

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If the financial report for a financial year includes additional information under paragraph 295(3) (c) (information included to give true and fair view of financial position and performance), the directors ' report for the financial year must also:


(a) set out the directors ' reasons for forming the opinion that the inclusion of that additional information was necessary to give the true and fair view required by section 297 ; and


(b) specify where that additional information can be found in the financial report.

298(2)  

The report must:


(a) be made in accordance with a resolution of the directors; and


(b) specify the date on which the report is made; and


(c) be signed by a director.

Small proprietary companies

298(3)  

A small proprietary company does not have to comply with subsection (1) for a financial year if:


(a) it is preparing financial statements for that year in response to a shareholder direction under section 293 ; and


(b) the direction specified that a directors ' report need not be prepared.

Small companies limited by guarantee

298(4)  

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A small company limited by guarantee does not have to comply with subsection (1) for a financial year if:


(a) it is preparing the financial statements for that year in response to a member direction under section 294A ; and


(b) the direction specified that a directors ' report need not be prepared.


 



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