143Financial records and annual financial statements

143 Financial records and annual financial statements (1) The governing body of a registered non-Government school must: (a) ensure that proper financial records are kept for the school; and (b) give an annual financial statement for the school to the registrar in accordance with subsection (3) for each calendar year, or part of a calendar year, during which the school is registered. (3) The annual financial statement for a calendar year: (a) must include details about the income and expenditure of the school during that year, the school's financial position at the end of that year and any other financial information about the school as required by the registrar; and (b) must comply with: (i) any requirements applicable to the governing body under the law governing its incorporation (including the Corporations Act 2001 (Cth) for a company incorporated under that Act) in relation to the preparation and auditing of such a statement; or (ii) if there are no such requirements – requirements of the Australian Accounting Standards as specified by the registrar; and (c) must be given to the registrar within: (i) 4 months after the end of that year; or (ii) a longer period allowed by the registrar.

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