Document ID: chunk:federal_register_of_legislation:C2018A00106:clause:1_22
Version: federal_register_of_legislation:C2018A00106
Segment Type: clause
Provision Reference: sch 1 cl 22
Character Range: 8201–8941

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.