12Gross receipts and current assets for Tier 1 associations

12 Gross receipts and current assets for Tier 1 associations

12 Gross receipts and current assets for Tier 1 associations

(1) For the Act, section 42(1)(a), an association’s gross receipts are equal to the total revenue recorded in the association’s income and expenditure statement for the financial year.

(2) For the Act, section 42(1)(b), an association’s current assets are equal to the assets held by the association on the last day of the previous financial year.

(3) For the Act, section 42(1), the prescribed amount is—

(a) for gross receipts—$500,000, and

(b) for current assets—$1,000,000.

(4) In this section—

assets—

(a) includes amounts held in financial institutions, stocks and debentures, and

(b) does not include real property or assets that may depreciate.

s 12: Am 2025 (296), Sch 1[1] [2].