Document ID: chunk:federal_register_of_legislation:C2024C00492:front:0:p37
Version: federal_register_of_legislation:C2024C00492
Segment Type: other
Provision Reference: 
Character Range: 101959–104720

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 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 equal to or more than the amount prescribed under paragraph (1)(a);
 (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 equal to or more than the amount prescribed under paragraph (1)(b);
 (c) the corporation and the entities it controls (if any) have, at the end of the financial year, a number of employees that is equal to or more than the number prescribed under paragraph (1)(c).

Large corporations
 (3) An Aboriginal and Torres Strait Islander corporation is a large 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 equal to or more than the amount prescribed 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 equal to or more than the amount prescribed for the purposes of this paragraph;
 (c) the corporation and the entities it controls (if any) have, at the end of the financial year, a number of employees that is equal to or more than the number of employees prescribed for the purposes of this paragraph.

Native Title
 (4) The native title rights and interests held by a registered native title body corporate are to be disregarded in determining the value of the assets of a registered native title body corporate.

37‑15  When an Aboriginal and Torres Strait Islander corporation controls an entity
  In deciding, for the purposes of section 37‑10, whether an Aboriginal and Torres Strait Islander corporation controls an entity, apply the accounting standards made for the purposes of paragraph 295(2)(b) of the Corporations Act.

37‑20  Counting employees
 (1) The regulations may prescribe one or more methods for calculating the number of employees of Aboriginal and Torres Strait Islander corporations.
 (2) Without limiting subsection (1), regulations made under that subsection may specify:
 (a) that employees of a class are to be disregarded for the purposes of section 37‑10; or
 (b) that employees of a class are to be taken into account by treating each employee as representing a specified fraction