Document ID: chunk:federal_register_of_legislation:C2004A01041:clause:1b_270:p1
Version: federal_register_of_legislation:C2004A01041
Segment Type: clause
Provision Reference: sch 1B cl 270 (pt 1/2)
Character Range: 353772–356444

270  Organisations with income of less than certain amount

 (1) If, on the application of a reporting unit that is the whole of an organisation made after the end of a financial year, a Registrar is satisfied that the reporting unit's income for the year did not exceed:
 (a) in the case of a financial year that, because of section 240, is a period other than 12 months—such amount as the Registrar considers appropriate in the circumstances; or
 (b) in any other case—$100,000 or such higher amount as is prescribed;
the Registrar must issue to the reporting unit a certificate to that effect.

 (2) Where a certificate is issued under subsection (1) in relation to a reporting unit in relation to a financial year:
 (a) the following provisions of this section apply in relation to the reporting unit in relation to the year; and
 (b) except as provided in paragraph (c), this Part continues to apply in relation to the reporting unit in relation to the year; and
 (c) sections 253, 265, 266 and 268 do not apply in relation to the reporting unit in relation to the year.

 (3) This Part (other than this section) applies to the reporting unit in relation to the year as if:
 (a) a reference to a general purpose financial report prepared or to be prepared under section 253 were a reference to a general purpose financial report prepared under subsection (4) of this section; and
 (b) the reference in subsection 272(5) to a general purpose financial report prepared under section 253 were a reference to a general purpose financial report prepared under subsection (4) of this section; and
 (c) the reference in sections 332 and 333 to documents lodged in the Industrial Registry under section 268 were a reference to documents lodged with the Industrial Registry in accordance with subsection (7) of this section.

 (4) Within the prescribed period after the end of the financial year, the reporting unit must cause to be prepared, in accordance with the reporting guidelines, from the financial records kept under subsection 252(1) in relation to the year, the general purpose financial report required by those reporting guidelines.

Note: This subsection is a civil penalty provision (see section 305).

 (5) After the making to the reporting unit of the report of the auditor under section 257 in relation to the auditor's inspection and audit of the financial records kept by the reporting unit in relation to the year, and before the end of the financial year immediately following the year, the reporting unit must cause a copy of the report, together with copies of the general purpose financial report to which the auditor's report relates, to be presented