On 1 July 2007 the new Corporations (Aboriginal and Torres Strait Islander) Act 2006 began. However, corporations will have two years to make the necessary changes to their corporation rules. Their reporting requirements will also change:
2006–07: Annual reporting will be the same as under the ACA Act. Corporations must report to the Registrar about their finances, membership and how well they have abided by the requirements of the Aboriginal Councils and Associations Act 1975 (ACA Act) and their own constitution. Therefore, every corporation must understand and fill in the forms found on this page and send them to:
Registrar of Indigenous Corporations
PO Box 2029
WODEN ACT 2606
If you are a member or director of an ACA Act corporation, find out if your annual returns have been sent in. If they haven't or if you need some extra help to fill them in, call ORIC on 1800 622 431 or email info@oric.gov.au.
2007–08: Corporations already registered under the ACA Act may choose to follow the familiar annual reporting requirements of the ACA Act or they may report under the new CATSI Act. However, if they want to report under the ACA Act, they must write and let the Registrar know before 30 June 2008.
2008–09: Corporations will have to report under the CATSI Act.
For 2006–07 a corporation must report to the Registrar about its finances, membership and how well it has abided by the requirements of the Aboriginal Councils and Associations Act 1976 (ACA Act) and the corporation's own constitution. Therefore, every corporation must understand and fill in the forms found on this page and send them to the Registrar of Aboriginal and Torres Strait Islander Corporations.
The ACA Act requires every corporation to send to the Registrar by 31 December
2007 the following documents: Audited financial statements required by the ACA Act should consist of:
What is required for 2006–07?
What are audited financial statements?
What is a statement of compliance?
It is a written statement signed by members of the governing committee/board. It confirms whether the governing committee/board and the corporation have complied with the ACA Act, the regulations and the corporation's rules (constitution) during the financial year.
A standard statement of compliance form is available below. Please print the form, complete and return it to ORIC.
The list of members must include the names and addresses of all the members of the corporation at the time of filing the annual return. The corporation's register of members contains this information.
A list of members form is available below. Please print the form, complete and return it to ORIC.
Indigenous corporations may be exempted from preparing and filing audited financial statements if it is considered impracticable or unduly onerous to do so. To apply for an exemption, complete an application for exemption form and forward it to the Registrar's office with the statement of compliance and current list of members.
Special circumstances might exempt your corporation from the requirement to provide audited financial statements. While the circumstances vary from case to case, generally speaking, the Registrar may exempt a corporation if:
Applications for exemption are assessed case-by-case and you must apply in writing.
The Registrar's office will examine the application and advise the corporation in writing whether it has been granted an exemption or whether further information is required.
A corporation granted an exemption under section 59 of the ACA Act is still required to maintain proper accounts and records.
Indigenous corporations should provide a copy of this guide to their accountants and auditors so that they are aware of the legal requirements for preparing and auditing financial statements for 2006–07 required under the ACA Act.
Please contact ORIC
if you require any further information or assistance, including: