A major advantage of the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (CATSI Act) is that it was designed as a special measure intended to provide the Registrar with flexibility in administering it so that corporations can maintain the best possible governance.
Below we’ve outlined how the Registrar will use his unique powers and the flexibility of the legislation to help corporations manage the threats and impacts of COVID-19, through extensions for annual reporting and AGMs. See also the page on the Registrar's special rules your corporation can adopt.
Ideas? If you have ideas about other measures or actions the Registrar can take to assist corporations, please let us know.
On this page
A small number of corporations with a financial year that ended on 31 December 2019 are required to report to the Registrar by 30 June 2020. The range of reports vary depending on corporation size and income—all corporations are required to lodge a general report, some are required to provide a financial report and directors’ report.
Corporations will be able to prepare most information required in the reports, but we understand some may have difficulty finalising financial information during this time. For example, travel restrictions may limit the auditor’s ability to perform their work in auditing financial statements.
The Registrar has approved that corporations with financial year ending on 31 December 2019 will have an extension of time to lodge their reports until 31 August 2020.
The Registrar has also approved that corporations affected by bushfires that had previously been granted an extension of time for lodging reports receive a further extension of time to 31 August 2020.
Note: It is the Registrar’s policy not to provide extensions of time for lodging reports after the due date has already passed. Corporations that have not lodged their 2018–19 reports that were due by 31 December 2019 should do so or contact ORIC as soon as practicable.
Annual general meetings
The impact of COVID-19 will most likely affect:
- newly registered corporations that are required to have a general meeting within three months of registration
- corporations with a financial year ending on 31 December (calendar year) who are required to hold their AGM by 31 May.
Registrar’s support: extension of time to hold AGM
New corporations: The Registrar has determined that all new corporations, registered from 1 January 2020, will be granted an extension of six months to hold the corporation’s first meeting (under s.201-145).
Effectively this means a corporation registered on 20 January 2020, which was due to hold its first general meeting by 20 April 2020, will now have until 20 October 2020 to hold the meeting. The Registrar will review the extension in July 2020.
Calendar-year corporations: If you think you’ll need more time to hold your AGM please contact ORIC before 31 May. We will prioritise processing exemptions from the time to hold your meeting.