An objective of the statute is the obligation of financial disclosure which accompanies incorporation. That is, adequate disclosure of the financial affairs should be available to members at the annual general meeting, and to creditors and to any persons with an interest in seeing them. The legislation has coverage which includes associations formed for a wide variety of purposes. In recognition of the nature and spectrum of activities of associations, the legislation permits exemptions from the accounts and audit provisions to be granted by the Corporate Affairs Commission.
An application seeking relief from strict compliance, which may be granted for a particular period or generally and with or without conditions, must be made by the association in writing to the Commission addressing in full the reasons for the exemption sought and be accompanied by the prescribed fee. The matters considered by the Commission, particularly in relation to exemptions from obligations which apply in relation to more than one financial year, include:
- extent of relief sought
- any unique reasons or special circumstances that apply
- whether and how full compliance with the Act would place an unreasonable burden on the association; an applicant must demonstrate not only that there is a burden, but also that the burden is unreasonable
- the extent of the impact on the interests of members and creditors of the association and how determined
- the size, activities and structure of the association
- the number and location of the association's members
- the extent of any public interest
- what alternative financial reporting methods are proposed
- reasons why the association should be given a preferment in relation to other incorporated associations that include purposes that are similar to the association
- whether compliance would be inappropriate to the circumstances because an external administrator has taken over all, or a significant part of, the day to day operations of the association
- if relief is sought in respect of particular activities, the nature and size of the activities and their relationship to the association as a whole, and the extent of any government grants utilised in respect of those activities.
Copyright
Information on copyright for the Office of Consumer and Business Affairs website is provided on behalf of South Australia Central http://www.sacentral.sa.gov.au/site/page.cfm?u=60
Disclaimer
Information on the disclaimer for the Office of Consumer and Business Affairs website is provided on behalf of South Australia Central http://www.sacentral.sa.gov.au/site/page.cfm?u=61
Privacy
The South Australian Office of Consumer and Business Affairs (OCBA) is committed to protecting your privacy and the confidentiality of your personal information, consistent with the South Australian Government's Information Privacy Principles. If you would like to view the full privacy statement please visit: http://www.ocba.sa.gov.au/privacy.html
Webmaster
If you wish to provide feedback on the Office of Consumer and Business Affairs website please contact the Webmaster via email mailto:webmaster@agd.sa.gov.au
Accessibility
Information on accessibility for the Office of Consumer and Business Affairs website can be viewed at: http://www.ocba.sa.gov.au/accessibility.html
