Commonwealth Numbered Regulations

1990 No. 455 CORPORATIONS REGULATIONS - REG 3.6.05

3.6.05. (1) The directors of a company to which this regulation applies may
show, instead of an amount that would otherwise be required or permitted to be
set out in any accounts or report under the Corporations Law:

   (a)  that amount to the nearest thousand dollars; or

   (b)  if the amount is $500 or less - that amount as zero.

(2) If an amount is shown to the nearest thousand dollars, the rounding off
must be clearly indicated on each page on which it has been done.

(3) If an amount is shown as reduced to zero, the original amount must be
shown in full in a note to the account.

(4) If an amount is rounded off, the corresponding amount in the account for
the previous period must also be shown in accordance with subregulations (2)
and (3).

(5) If an amount is rounded off in a report prepared under section 304 or 305
of the Corporations Law, the report must state that:

   (a)  the company is a company of a kind referred to in subregulation (6);
        and

   (b)  the amount has been rounded off in accordance with section 311 of the
        Corporations Law and this regulation.

(6) This regulation applies to:

   (a)  a company with total assets in excess of $10,000,000; and

   (b)  a holding company with consolidated accounts prepared for it and its
        related bodies corporate, if the total assets of the group of
        companies are in excess of $10,000,000.