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\[1\] \[2\].