Document ID: chunk:federal_register_of_legislation:C2024C00492:front:0:p36
Version: federal_register_of_legislation:C2024C00492
Segment Type: other
Provision Reference: 
Character Range: 99367–102239

corporation only if:
 (a) the application for registration indicates; or
 (b) the Registrar is otherwise satisfied;
that the corporation is likely to be a large corporation in respect of its first financial year.
Note: Subsection 37‑10(3) sets out the criteria for determining whether the corporation is a large corporation for a particular financial year.

37‑5  Registrar may alter registered size of corporation after registration
 (1) If the Registrar is satisfied that an Aboriginal and Torres Strait Islander corporation that is registered as a small corporation was in fact a medium or large corporation for the most recent financial year, the Registrar may alter the corporation's registration so that the corporation is registered as a medium or large corporation.
 (2) If the Registrar is satisfied that an Aboriginal and Torres Strait Islander corporation that is registered as a medium corporation was in fact a small or large corporation for the most recent financial year, the Registrar may alter the corporation's registration so that the corporation is registered as a small or large corporation.
 (3) If the Registrar is satisfied that an Aboriginal and Torres Strait Islander corporation that is registered as a large corporation was in fact a small or medium corporation for the most recent financial year, the Registrar may alter the corporation's registration so that the corporation is registered as a small or medium corporation.
 (4) An alteration to an Aboriginal and Torres Strait Islander corporation's registration made under subsection (1), (2) or (3) is not a legislative instrument.
 (5) The Registrar must notify an Aboriginal and Torres Strait Islander corporation in writing of an alteration made under this section.

37‑10  Small, medium and large corporations

Small corporations
 (1) An Aboriginal and Torres Strait Islander corporation is a small corporation for a financial year if it satisfies at least 2 of the following paragraphs:
 (a) the consolidated gross operating income for the financial year of the corporation and the entities it controls (if any) is less than the amount prescribed in the regulations for the purposes of this paragraph;
 (b) the value of the consolidated gross assets at the end of the financial year of the corporation and the entities it controls (if any) is less than the amount prescribed in the regulations for the purposes of this paragraph;
 (c) the corporation and the entities it controls (if any) have, at the end of the financial year, fewer employees than the number of employees prescribed for the purposes of this paragraph.
Note: A small corporation generally has reduced financial reporting requirements (see Chapter 7).

Medium corporations
 (2) Subject to subsection (3), an Aboriginal and Torres Strait Islander corporation is a medium corporation for a financial year if it satisfies