Document ID: chunk:federal_register_of_legislation:C2010A00066:clause:1_30
Version: federal_register_of_legislation:C2010A00066
Segment Type: clause
Provision Reference: sch 1 cl 30
Character Range: 24179–25475

30  At the end of section 301
Add:

Companies limited by guarantee
 (3) A company limited by guarantee may have its financial report for a financial year reviewed, rather than audited, if:
 (a) the company is not one of the following:
 (i) a Commonwealth company for the purposes of the Commonwealth Authorities and Companies Act 1997;
 (ii) a subsidiary of a Commonwealth company for the purposes of that Act;
 (iii) a subsidiary of a Commonwealth authority for the purposes of that Act; and
 (b) one of the following is true:
 (i) the company is not required by the accounting standards to be included in consolidated financial statements and the revenue of the company for the financial year is less than $1 million;
 (ii) the company is required by the accounting standards to be included in consolidated financial statements and the consolidated revenue of the consolidated entity for the financial year is less than $1 million.
 (4) A small company limited by guarantee's financial report for a financial year does not have to be audited or reviewed if:
 (a) the report is prepared in response to a member direction under section 294A; and
 (b) the direction does not ask for the audit or review.
Note: The following heading to subsection 301(2) is inserted "Small proprietary companies".