M3: Learner Manual
8. Legal Requirements for Financial Management of Organisations
8.3. Indigenous Organisations Incorporated Under the CATSI Act
Responsibility for reporting
Corporation directors, as well as secretaries of large corporations, are responsible for ensuring their corporation meets its reporting obligations. They must ensure the corporation keeps appropriate financial records that enable true and fair financial statements to be prepared; the corporation prepares and lodges appropriate reports and within the appropriate timeframes; and that the information in the reports is true and correct.
All corporations must lodge reports with the Registrar every year within six months of the end of the corporation’s financial year. Most corporations end their financial year on 30 June which means their reports are due between 1 July and 31 December.
Types of reports
The reports each corporation is required to prepare and lodge vary depending on its registered size and income.[1]
|
Size and Income |
Reports Required |
|
Small corporations with a consolidated gross operating income of less than $100,000. |
1. General report only. |
|
Small corporations with a consolidated gross operating income of $100,000 or more but less than $5 million. |
1. General report. 2. Financial report and Audit report OR Financial report based on reports to government funders (if eligible). |
|
Medium corporations with a consolidated gross operating income of less than $5 million. |
1. General report. 2. Financial report and Audit report OR Financial report based on reports to government funders (if eligible). |
|
Large corporations or any size corporation with a consolidated gross operating income of $5 million or more. |
1. General report. 2. Financial report. 3. Audit report. 4. Directors’ report. |