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). 

Clause 2	Commencement

States that the regulation commences on the day after its notification day. 

Clause 3	Legislation amended

States that the regulation amends the Associations Incorporation Regulation 1991.

Clause 4	Section 12 (1)

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.

Clause 5	Section 12(2)

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.

Clause 6	Section 13

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.