ASSOCIATIONS INCORPORATION ACT 2015 - SECT 64

ASSOCIATIONS INCORPORATION ACT 2015 - SECT 64

64 .         Tier 1, tier 2 and tier 3 associations

        (1)         An incorporated association is a tier 1 association in respect of a financial year if —

            (a)         for the year it has revenue of less than —

                  (i)         an amount prescribed for the purposes of this subsection; or

                  (ii)         if no amount is prescribed, $250 000;

                or

            (b)         the Commissioner has declared the incorporated association to be a tier 1 association in respect of the financial year under section 65(1)(a).

        (2)         An incorporated association is a tier 2 association in respect of a financial year if —

            (a)         for the year it is not a tier 1 association or a tier 3 association; or

            (b)         the Commissioner has declared the incorporated association to be a tier 2 association in respect of the financial year under section 65(1)(b).

        (3)         An incorporated association is a tier 3 association in respect of a financial year if for the year it has revenue of or exceeding —

            (a)         an amount prescribed for the purposes of this subsection; or

            (b)         if no amount is prescribed, $1 000 000.

        (4)         Revenue is to be calculated for the purposes of this section in accordance with the accounting standards in force at the relevant time (even if the standards do not otherwise apply to the financial year of the incorporated association concerned).