Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For subsection 29DA (2) and paragraphs 29DA (3) (a) and (4) (b) of the Act, the amount of $5 000 000 is prescribed.
(2) For subsection 29DA (6) of the Act:
"net tangible assets" means the total assets of a constitutional corporation:
(a) less total liabilities of the corporation; and
(b) less any intangible assets reported in the corporation's books of account;
calculated on the basis of assets and liabilities as they would appear if, at the time of calculation, a balance sheet were made up for lodgement as part of a financial report under Chapter 2M of the Corporations Act 2001 (the Corporations Act ) on the basis that the corporation is a reporting entity.
(3) For subregulation (2), at any time before 1 May 2007, an applicant or trustee must calculate its total assets by excluding:
(a) all receivables receivable from either:
(i) a related party as defined by AASB 1017 and Part E2.2 of Chapter 2E of the Corporations Act; or
(ii) a related party as defined by AASB 124 and Part 2E.2 of Chapter 2E of the Corporations Act; and
(b) any assets that are subject to any charge that secures the liability of a person other than the corporation, to the extent of the value of that charge; and
(c) any assets to which the corporation is not legally and beneficially entitled or that are not held in the name of the corporation; and
(d) any assets ( illiquid assets ) that are not capable of being converted into cash in the short term.
(4) For subregulation (2), an applicant or trustee must calculate its total liabilities at any time before 1 May 2007 by including all payables payable to:
(a) a related party as defined by AASB 1017 and Part 2E.2 of Chapter 2E of the Corporations Act; or
(b) a related party as defined by AASB 124 and Part 2E.2 of Chapter 2E of the Corporations Act.
(5) For subregulation (2), an applicant or trustee must:
(a) calculate its total assets on and after 1 May 2007 by excluding:
(i) all receivables receivable from a related party as defined by AASB 124 and Part 2E.2 of Chapter 2E of the Corporations Act; and
(ii) any assets that are subject to any charge that secures the liability of a person other than the corporation, to the extent of the value of that charge; and
(iii) any assets to which the corporation is not legally and beneficially entitled or that are not held in the name of the corporation; and
(iv) any assets ( illiquid assets ) that are not capable of being converted into cash in the short term; and
(b) include in its total liabilities on and after 1 May 2007 all payables payable to a related party as defined by AASB 124 and Part 2E.2 of Chapter 2E of the Corporations Act.
(6) In this regulation:
"AASB" 1017 means AASB 1017, Related Party Disclosures , published by the Australian Accounting Standards Board, as in force on 1 July 2004.
"AASB" 124 means AASB 124, Related Party Disclosures , published by the Australian Accounting Standards Board.