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Native Title Report 2007: Appendix 4

Native Title Report 2007

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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 $100,000;
  • total CGA at the end of the financial year of the corporation is less than $100,000;
  • 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.

CGA = consolidated gross assets
CGOI = consolidated gross operating income


[1] At least two of the threshold criteria must be satisfied for proprietary companies