Corporations Amendment (Crowd-sourced Funding for Proprietary Companies) Act 2018 (106 of 2018)

Schedule 1   Amendments

Part 1   Main amendments

Corporations Act 2001

22   Subsection 301(2)

Repeal the subsection, substitute:

Small proprietary companies

(2) A small proprietary company's financial report for a financial year does not have to be audited if:

(a) the report is required only because of:

(i) paragraph 292(2)(c) (about having CSF shareholders); or

(ii) a direction under section 293; or

(iii) both paragraph 292(2)(c) and a direction under section 293; and

(b) in a case where subparagraph (a)(i) or (iii) applies - as at the end of the financial year, the company has raised a total less than the CSF audit threshold from all the CSF offers it has ever made; and

(c) in a case where subparagraph (a)(ii) or (iii) applies - the direction did not ask for the financial report to be audited.