What is an A12 form?
Form A12 – T2 – Annual summary of financial affairs – Tier 2.
What is a Tier 2 association?
Tier 2 associations are those whose: total revenue as recorded in the income and expenditure statement (i.e. gross receipts) for a financial year is $250,000 or less, and. current assets are $500,000 or less.
What power does Fair Trading have?
Fair Trading’s role in compliance NSW Fair Trading promotes a fair marketplace for consumers and traders by maximising traders’ compliance with regulatory requirements. We safeguard consumer rights and investigate alleged breaches of the legislation we administer.
Is NSW Fair Trading Legal?
The Competition and Consumer Act 2010 (the Act) is a national law that regulates fair trading in Australia and governs how all businesses in Australia must deal with their customers, competitors and suppliers. The Act promotes fair trading between competitors while also ensuring that consumers are treated fairly.
What is a Tier 1 association?
Tier 1 associations are those whose: total revenue as recorded in the income and expenditure statement (i.e. gross receipts) for a financial year is more than $250,000 or. current assets are more than $500,000.
Do incorporated associations need to be audited?
Incorporated associations If not registered with ACNC, associations need to lodge an annual statement and audited financial statement within six months of end of financial year. Organisations under $250,000 annual revenue have no financial reporting obligations.
How does fair trading enforce compliance?
Fair Trading has a range of tools and powers available to support and enforce compliance. The key objective of this policy is to promote a high level of compliance with the law. We use a range of available remedies designed to promote behavioural change, stop ongoing breaches and achieve future compliance.
What is the Fair trading Act NSW?
An Act to regulate the supply, advertising and description of goods and services. This Act constitutes the main law covering business behaviour in NSW. Under the Act, a business must not engage in unconscionable conduct (take unfair advantage of vulnerable customers). …
What is a Tier 3 association?
Three tiers of associations Under the Associations Incorporation Reform Act 2012 (the Act), an association falls within one of three tiers according to its total revenue: Tier 1 – less than $250,000. Tier 2 – $250,000 to $1 million. Tier 3 – more than $1 million.