Companies limited by guarantee
- What is a small company limited by guarantee?
- Small company limited by guarantee
- Company limited by guarantee with annual (or consolidated) revenue of less than $1 million
- Company limited by guarantee with annual (or consolidated) revenue of $1 million or more
What is a small company limited by guarantee?
A company is a small company limited by guarantee in a particular financial year if :
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it is a company limited by guarantee for the whole of the financial year
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it is not a deductible gift recipient at any time during the financial year, and
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its revenue (or consolidated revenue if that applies) for the financial year is less than $250 000.
Small company limited by guarantee
Where directed by a member of the company or ASIC, you must prepare:
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annual financial reports
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a directors' report with specific disclosure as set out in Section 300B of the Corporations Act
which are
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prepared in accordance with Chapter 2M
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audited or reviewed.
The company must notify members of the annual financial report.
Company limited by guarantee with annual (or consolidated) revenue of less than $1 million
You must prepare:
-
annual financial reports
-
a directors' report with specific disclosure as set out in Section 300B of the Corporations Act
which are
-
prepared in accordance with Chapter 2M
-
audited or reviewed.
The annual financial report must be given to any member who elects to receive them.
Company limited by guarantee with annual (or consolidated) revenue of $1 million or more
You must prepare:
-
annual financial reports
-
a directors' report with specific disclosure as set out in Section 300B of the Corporations Act
which are
-
prepared in accordance with Chapter 2M
-
audited.
The annual financial report must be given to any member who elects to receive them.
More about simplified obligations of companies limited by guarantee