Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 305

305. (1) The directors of a company that is a group holding company at the end
of a particular financial year shall cause to be made out a report complying
with this Division, other than:

   (a)  in any case-section 304; and

   (b)  if at the end of the financial year the company was an exempt
        proprietary company-subsections (7), (8), (9) and (10) of this
        section.

(2) Subsection (1) does not apply in relation to a company in relation to a
financial year if:

   (a)  the company is dormant throughout the period beginning at the start
        of, and ending at the deadline after, the financial year; and

   (b)  each body corporate that is a subsidiary of the company at any time
        during the financial year is dormant throughout so much of each period
        during which it is a subsidiary of the company as falls within the
        period referred to in paragraph (a).

(3) The report shall state the names of the directors in office on the day the
report is made out.

(4) The report shall state the principal activities of the group during the
financial year and any significant change in the nature of those activities
that occurred during the financial year.

(5) The report shall state the net amount of the consolidated profit or loss
of the group for the financial year after:

   (a)  provision for income tax; and

   (b)  deducting any amounts that should properly be attributed to a person
        other than a body corporate in the group.

(6) The report shall state the amount (if any) that the directors recommend
should be paid by way of dividend.

(7) The report shall state the amounts (if any) that have been paid or
declared by way of dividend since the start of the financial year, indicating
which (if any) of those amounts have been shown in a previous report under
this Division or a corresponding law.

(8) The report shall contain a review of the group's operations during the
financial year and of the results of those operations.

(9) The report shall give particulars of any significant change in the group's
state of affairs that occurred during the financial year.

(10) The report shall give particulars of any matter or circumstance that has
arisen since the end of the financial year and has significantly affected, or
may significantly affect:

   (a)  the group's operations;

   (b)  the results of those operations; or

   (c)  the group's state of affairs; in financial years after the financial
        year.

(11) The report shall refer to:

   (a)  likely developments in the group's operations; and

   (b)  the expected results of those operations; in financial years after
        that financial year.