Native Title Report 2007: Appendix 4
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Summary
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Native Title Report 2007
Appendix 4
Classification of corporations
| Classification | Threshold criteria under s45A, Corporations Act 20011 | Threshold criteria under the CATSI Act | Reporting requirements |
| Small corporations will be those that satisfy 2 out of the 3 threshold criteria under the CATSI Act | consolidated revenue of the company and any entities it controls for the financial year is less than $25 million or any other amount prescribed by the regulations;consolidated gross assets (CGA) at the end of the financial year of the company and any entities it controls is less than $12.5 million or any other amount prescribed by the regulations;the company and any entities it controls have fewer than 50 employees or any other number prescribed by the regulations at the end of the financial year. | total consolidated gross operating income (CGOI) for the financial year is less than $100,total CGA at the end of the financial year of the corporation is less than $100,total employees at the end of the financial year are fewer than 5. | Small corporations will need only to provide a general report which contains basic contact information such as name and address of current directors, members and contact person/secretary;They are not required to lodge annual financial statements. |
| Classification | Threshold criteria under s45A, Corporations Act 20011 | Threshold criteria under the CATSI Act | Reporting requirements |
| Medium corporations will be those that satisfy 2 out of the 3 threshold criteria under the CATSI Act | Not applicable. | between $100,000 and $5 million CGOI;between $100,000 and $2.5 million CGA;between from 5 and 24 employees. | In addition to the general report, medium corporations are required to prepare qualified financial reports covering all income and expenditure, assets and liabilities and be subject to special purpose audits. |
| Large corporations will be those that satisfy 2 out of the 3 threshold criteria under the CATSI Act | consolidated revenue of the company and any entities it controls for the financial year is $25 million or any other amount prescribed by the regulations, or more;CGA at the end of the financial year of the company and any entities it controls is $12.5 million or any other amount prescribed by the regulations, or more;the company and any entities it controls have 50 employees or more at the end of the financial year. | $5 million or more CGOI;$2.5 million or more CGA;25 or more employees. | In addition to the general report, large corporations are required to meet the same reporting requirement as public limited liability companies, that is: financial statements and directors reports, and subject to audit by a registered company auditor. |
Classification
Threshold criteria under s45A, Corporations Act 20011
Threshold criteria under the CATSI Act
Reporting requirements
- consolidated revenue of the company and any entities it controls for the financial year is less than $25 million or any other amount prescribed by the regulations;
- consolidated gross assets (CGA) at the end of the financial year of the company and any entities it controls is less than $12.5 million or any other amount prescribed by the regulations;
- the company and any entities it controls have fewer than 50 employees or any other number prescribed by the regulations at the end of the financial year.
- total consolidated gross operating income (CGOI) for the financial year is less than $100,
- total CGA at the end of the financial year of the corporation is less than $100,
- total employees at the end of the financial year are fewer than 5.
- Small corporations will need only to provide a general report which contains basic contact information such as name and address of current directors, members and contact person/secretary;
- They are not required to lodge annual financial statements.
Threshold criteria under s45A, Corporations Act 2001 1
- between $100,000 and $5 million CGOI;
- between $100,000 and $2.5 million CGA;
- between from 5 and 24 employees.
- consolidated revenue of the company and any entities it controls for the financial year is $25 million or any other amount prescribed by the regulations, or more;
- CGA at the end of the financial year of the company and any entities it controls is $12.5 million or any other amount prescribed by the regulations, or more;
- the company and any entities it controls have 50 employees or more at the end of the financial year.
- $5 million or more CGOI;
- $2.5 million or more CGA;
- 25 or more employees.
CGA = consolidated gross assets CGOI = consolidated gross operating income
[1] At least two of the threshold criteria must be satisfied for proprietary companies