Corporations (Aboriginal and Torres Strait Islander) Act 2006

CHAPTER 7 - RECORD KEEPING, REPORTING REQUIREMENTS AND BOOKS  

PART 7-3 - REPORTING REQUIREMENTS  

Division 333 - Financial and other reports required by the regulations  

SECTION 333-5   REGULATIONS MAY REQUIRE FINANCIAL REPORTS, DIRECTORS ' REPORTS AND OTHER REPORTS TO BE PREPARED  

333-5(1)    
The regulations may require reports to be prepared by:

(a)    a specified Aboriginal and Torres Strait Islander corporation; or

(b)    a specified class of Aboriginal and Torres Strait Islander corporation.

333-5(2)    
Regulations made for the purposes of subsection (1) may require an Aboriginal and Torres Strait Islander corporation, or each Aboriginal and Torres Strait Islander corporation included in a class of Aboriginal and Torres Strait Islander corporation, to prepare a report:

(a)    for a particular period or periods; or

(b)    in relation to circumstances as they exist at a particular date or dates.

This subsection does not limit subsection (1) .

333-5(3)    
Regulations made for the purposes of subsection (1) may require an Aboriginal and Torres Strait Islander corporation, or each Aboriginal and Torres Strait Islander corporation included in a class of Aboriginal and Torres Strait Islander corporation, to prepare either or both of the following:

(a)    a financial report for a financial year;

(b)    a directors ' report for a financial year.

This subsection does not limit subsection (1) .

First financial year

333-5(4)    
Subject to subsection (4A) , the first financial year for an Aboriginal and Torres Strait Islander corporation starts on the day on which it is registered and ends:

(a)    on the 30 June next following that day if the corporation is registered between 1 July and 31 December; and

(b)    on the second 30 June next following that day if the corporation is registered between 1 January and 30 June.

333-5(4A)    
However, if the corporation is registered under Part 2-3 as a result of an application made under Division 22 , the first financial year for the corporation is the period that:

(a)    

starts on:

(i) the 1 July last preceding the day on which it is registered; or

(ii) if the corporation came into existence after that 1 July - the day on which the corporation came into existence; and

(b)    ends on the 30 June next following the day on which it is registered.

Financial year after the first

333-5(5)    
Subsequent financial years must:

(a)    start at the end of the previous financial year; and

(b)    be 12 months long.