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ASSOCIATIONS INCORPORATION AMENDMENT REGULATION 2013 (NO 1) (NO 15 OF 2013)
2013
LEGISLATIVE ASSEMBLY
FOR THE AUSTRALIAN CAPITAL
TERRITORY
ASSOCIATIONS INCORPORATION
AMENDMENT REGULATION 2013 (No
1)
SL2013-15
EXPLANATORY
STATEMENT
Presented by
Simon Corbell MLA
Attorney-General
OUTLINE
The Associations Incorporation Amendment Regulation 2013 (No
1) raises audit thresholds for incorporated associations.
An
incorporated association need only engage a member of the Institute of Chartered
Accountants in Australia, the Institute of Public Accountants, or CPA Australia,
or a company auditor if it has annual receipts exceeding $400,000 (previously
this was $150,000) or gross assets at the end of the financial year exceeding
$400,000 (previously this was $150,000).
An incorporated association
need only engage a company auditor if it has annual receipts exceeding
$1,000,000 each year (previously this was $500,000).
Section 36(1)(b) of
the Legislation Act 2001 states that a regulatory impact statement is not
required for matters that do not adversely affect people’s rights or
impose liabilities. This amending regulation is a regulation of this type and
as such a regulatory impact statement has not been prepared.
The
provisions in this regulation do not engage rights under the
Human Rights Act 2004.
NOTES ON CLAUSES
Clause 1 Name of regulation
States that the name of the
regulation is the Associations Incorporation Amendment Regulation 2013 (No
1).
States that the regulation commences on the day after its notification
day.
States that the regulation amends the Associations Incorporation
Regulation 1991.
Omits $150 000 per annum and substitutes $400 000. This raises the
auditing thresholds for an incorporated association needing to engage a
professional auditor from gross receipts of $150,000 to $400,000 each
year.
Omits $150 000 and substitutes $400 000. This raises the auditing
thresholds for an incorporated association needing to engage a professional
auditor from gross assets of $150,000 to $400,000.
Omits $500 000 and substitutes $1 000 000. This raises the auditing
thresholds for an incorporated association needing to engage a company auditor
from receipts of $500,000 to $1,000,000 each year.