sec.32Financial statement

sec.32 Financial statement

This section applies to each of the following entities— a charity registered under this Act, other than an exempt charity; an association whose objects are a community purpose sanctioned under this Act, other than an exempt association; a promoter of an appeal for support for a purpose to which part 3 applies. The entity must prepare a financial statement for the entity’s last reportable financial period as required under this section. Maximum penalty—20 penalty units. The financial statement must— be prepared within the period prescribed by regulation; and include the information prescribed by regulation; and be audited or verified in the way prescribed by regulation, including, for example, by an independent entity holding the qualifications prescribed by regulation. If a financial statement is required to be audited under subsection (3) (c) , the auditor has the powers of an inspector under this Act for the audit. The entity must lodge the following documents with the chief executive as required under this section— the financial statement for the entity’s last reportable financial period, as prepared under this section; any document relating to the audit or verification of the financial statement for the entity’s last reportable financial period, as mentioned in subsection (3) (c) . Maximum penalty—20 penalty units. The documents mentioned in subsection (5) must be lodged in the way and within the period— prescribed by regulation; or as directed by the chief executive. s 32 amd 1990 No. 80 s 3 sch 6 sub 2020 No. 17 s 54 (sec.32-ssec.1) This section applies to each of the following entities— a charity registered under this Act, other than an exempt charity; an association whose objects are a community purpose sanctioned under this Act, other than an exempt association; a promoter of an appeal for support for a purpose to which part 3 applies. (sec.32-ssec.2) The entity must prepare a financial statement for the entity’s last reportable financial period as required under this section. Maximum penalty—20 penalty units. (sec.32-ssec.3) The financial statement must— be prepared within the period prescribed by regulation; and include the information prescribed by regulation; and be audited or verified in the way prescribed by regulation, including, for example, by an independent entity holding the qualifications prescribed by regulation. (sec.32-ssec.4) If a financial statement is required to be audited under subsection (3) (c) , the auditor has the powers of an inspector under this Act for the audit. (sec.32-ssec.5) The entity must lodge the following documents with the chief executive as required under this section— the financial statement for the entity’s last reportable financial period, as prepared under this section; any document relating to the audit or verification of the financial statement for the entity’s last reportable financial period, as mentioned in subsection (3) (c) . Maximum penalty—20 penalty units. (sec.32-ssec.6) The documents mentioned in subsection (5) must be lodged in the way and within the period— prescribed by regulation; or as directed by the chief executive.