sec.58Definitions for division

### sec.58 Definitions for division s 58 hdg amd 2020 No. 17 s 21 (1) In this division— accountant means a person holding the qualifications prescribed by regulation for this definition. s 58 def accountant amd 2013 No. 39 s 43 sch 1 sub 2020 No. 17 s 21 (2) – (3) another law means— a law of the State, including, for example, the Collections Act 1966 or the Gaming Machine Act 1991 ; or a law of the Commonwealth or another State. s 58 def another law ins 2020 No. 17 s 21 (3) approved person means a person approved for an incorporated association by the chief executive under section 59E . auditor means a person holding the qualifications prescribed by regulation for this definition. s 58 def auditor sub 2020 No. 17 s 21 (2) – (3) audit report , in relation to the audit of a financial statement for an incorporated association’s last reportable financial year, means a report about the audit prepared by the person carrying out the audit. s 58 def audit report ins 2020 No. 17 s 21 (3) current assets , of an incorporated association, means the assets held by the association as at the end date of the association’s last financial year, other than real property or assets capable of depreciation, and includes amounts held in financial institutions, stocks and debentures. vehicles office equipment end date , in relation to an incorporated association’s financial year, means the date stated in the association’s rules to be the end date or closing date of the association’s financial year. financial record includes— an invoice, receipt, order for the payment of money, bill of exchange, cheque, promissory note and voucher; and a document of prime entry; and a working paper or other document needed to explain— the methods used to prepare an incorporated association’s financial statements; or adjustments made in preparing an incorporated association’s financial statements. s 58 def financial record ins 2020 No. 17 s 21 (3) financial statement , for a reportable financial year of an incorporated association, means a statement containing the following information— if the association uses accrual accounting— the association’s income and expenditure during the year; the association’s balance sheet at the end of the year; the mortgages, charges and securities affecting the association’s property at the end of the year; or if the association uses cash accounting— the association’s receipts and payments during the year; the association’s assets and liabilities at the end of the year; the mortgages, charges and securities affecting the association’s property at the end of the year. s 58 def financial statement ins 2020 No. 17 s 21 (3) large incorporated association means an incorporated association that has— current assets of more than— the amount prescribed by regulation for this subparagraph; or if no amount is prescribed under subparagraph (i) —$100,000; or total revenue of more than— the amount prescribed by regulation for this subparagraph; or if no amount is prescribed under subparagraph (i) —$100,000. s 58 def large incorporated association ins 2020 No. 17 s 21 (3) level 1 incorporated association ... s 58 def level 1 incorporated association om 2020 No. 17 s 21 (2) level 2 incorporated association ... s 58 def level 2 incorporated association om 2020 No. 17 s 21 (2) level 3 incorporated association ... s 58 def level 3 incorporated association om 2020 No. 17 s 21 (2) medium incorporated association means an incorporated association other than a small incorporated association or a large incorporated association. s 58 def medium incorporated association ins 2020 No. 17 s 21 (3) small incorporated association means an incorporated association that has— current assets of less than— the amount prescribed by regulation for this subparagraph; or if no amount is prescribed under subparagraph (i) —$20,000; and total revenue of less than— the amount prescribed by regulation for this subparagraph; or if no amount is prescribed under subparagraph (i) —$20,000. s 58 def small incorporated association ins 2020 No. 17 s 21 (3) total revenue , of an incorporated association, means the association’s total income during the last financial year from all the association’s activities before any expenses, including the cost to the association of goods sold by the association, are deducted. verification statement see section 59AB (3) . s 58 def verification statement ins 2020 No. 17 s 21 (3) s 58 prev s 58 amd 1990 No. 80 s 3 sch 6 om 1995 No. 7 s 3 sch pres s 58 sub 1995 No. 7 s 6 ; 2007 No. 16 s 18 - (a) a law of the State, including, for example, the Collections Act 1966 or the Gaming Machine Act 1991 ; or - (b) a law of the Commonwealth or another State. - • vehicles - • office equipment - (a) an invoice, receipt, order for the payment of money, bill of exchange, cheque, promissory note and voucher; and - (b) a document of prime entry; and - (c) a working paper or other document needed to explain— (i) the methods used to prepare an incorporated association’s financial statements; or (ii) adjustments made in preparing an incorporated association’s financial statements. - (i) the methods used to prepare an incorporated association’s financial statements; or - (ii) adjustments made in preparing an incorporated association’s financial statements. - (i) the methods used to prepare an incorporated association’s financial statements; or - (ii) adjustments made in preparing an incorporated association’s financial statements. - (a) if the association uses accrual accounting— (i) the association’s income and expenditure during the year; (ii) the association’s balance sheet at the end of the year; (iii) the mortgages, charges and securities affecting the association’s property at the end of the year; or - (i) the association’s income and expenditure during the year; - (ii) the association’s balance sheet at the end of the year; - (iii) the mortgages, charges and securities affecting the association’s property at the end of the year; or - (b) if the association uses cash accounting— (i) the association’s receipts and payments during the year; (ii) the association’s assets and liabilities at the end of the year; (iii) the mortgages, charges and securities affecting the association’s property at the end of the year. - (i) the association’s receipts and payments during the year; - (ii) the association’s assets and liabilities at the end of the year; - (iii) the mortgages, charges and securities affecting the association’s property at the end of the year. - (i) the association’s income and expenditure during the year; - (ii) the association’s balance sheet at the end of the year; - (iii) the mortgages, charges and securities affecting the association’s property at the end of the year; or - (i) the association’s receipts and payments during the year; - (ii) the association’s assets and liabilities at the end of the year; - (iii) the mortgages, charges and securities affecting the association’s property at the end of the year. - (a) current assets of more than— (i) the amount prescribed by regulation for this subparagraph; or (ii) if no amount is prescribed under subparagraph (i) —$100,000; or - (i) the amount prescribed by regulation for this subparagraph; or - (ii) if no amount is prescribed under subparagraph (i) —$100,000; or - (b) total revenue of more than— (i) the amount prescribed by regulation for this subparagraph; or (ii) if no amount is prescribed under subparagraph (i) —$100,000. - (i) the amount prescribed by regulation for this subparagraph; or - (ii) if no amount is prescribed under subparagraph (i) —$100,000. - (i) the amount prescribed by regulation for this subparagraph; or - (ii) if no amount is prescribed under subparagraph (i) —$100,000; or - (i) the amount prescribed by regulation for this subparagraph; or - (ii) if no amount is prescribed under subparagraph (i) —$100,000. - (a) current assets of less than— (i) the amount prescribed by regulation for this subparagraph; or (ii) if no amount is prescribed under subparagraph (i) —$20,000; and - (i) the amount prescribed by regulation for this subparagraph; or - (ii) if no amount is prescribed under subparagraph (i) —$20,000; and - (b) total revenue of less than— (i) the amount prescribed by regulation for this subparagraph; or (ii) if no amount is prescribed under subparagraph (i) —$20,000. - (i) the amount prescribed by regulation for this subparagraph; or - (ii) if no amount is prescribed under subparagraph (i) —$20,000. - (i) the amount prescribed by regulation for this subparagraph; or - (ii) if no amount is prescribed under subparagraph (i) —$20,000; and - (i) the amount prescribed by regulation for this subparagraph; or - (ii) if no amount is prescribed under subparagraph (i) —$20,000.