Guidance & resources
A plain-language summary of the core obligations under the Corporations (Aboriginal and Torres Strait Islander) Act 2006, and the practical steps directors and officers can take through the year.
01
ORIC classifies corporations as small, medium or large using income, assets and employee numbers. Size determines which reports must be lodged and whether an audit or review is required. Reassess the classification each year — growth in grant income can move a corporation up a tier without warning.
02
Hold the AGM within 5 months of the end of the financial year, give at least 21 days' notice to members in the manner set by the rule book, table the reports, run director elections and allow members to ask questions. Where the AGM cannot be held in time, apply to ORIC for an extension before the deadline, not after.
03
The General Report is due by 31 December for a 30 June year end and applies to every registered corporation. Medium and large corporations also lodge a financial report and directors' report, with audit or review as required. Late lodgement can lead to compliance notices, and repeated failure can lead to special administration.
04
Every director must hold a Director ID, be at least 18, be free of disqualification, and give written consent before appointment. A majority of directors must be members of the corporation. Directors owe duties of care and diligence, good faith, proper use of position and information, and must disclose material personal interests.
05
Maintain the register of members and the register of officers and contact person. Update the member register within 14 days of a change and notify ORIC of officer and address changes within 28 days. Keep financial records for 7 years and minutes for 10 years.
06
The rule book is the corporation's constitution. Changes only take effect once registered by ORIC. Review it whenever the corporation's operations, membership rules or structure change, and make sure the dispute resolution process is understood by members and used before disputes escalate.
Small corporation
Meets fewer than two of: consolidated income $100,000 or more; assets $300,000 or more; 5 or more employees.
General Report only (plus financial reports if income is $100,000 or more, or if the Registrar or the rule book requires them).
Medium corporation
Meets at least two of: consolidated income $100,000–$5 million; assets $300,000–$2.5 million; 5–24 employees.
General Report, audited or reviewed financial report and directors' report lodged with ORIC.
Large corporation
Meets at least two of: consolidated income $5 million or more; assets $2.5 million or more; 25 or more employees.
General Report, audited financial report and directors' report lodged with ORIC, audit by a registered company auditor.
1 July
Financial year begins
Confirm the financial year in the rule book, set the board meeting schedule and confirm the audit engagement where required.
July – September
Close the books and prepare reports
Finalise accounts, prepare the financial report and directors' report, and provide records to the auditor.
By early November
Call the AGM
Issue at least 21 days' notice with the agenda, reports and director nomination details to every member.
By 30 November
Hold the AGM
Within 5 months of the end of the financial year. Table reports, elect directors, record minutes and update registers.
By 31 December
Lodge reports with ORIC
General Report for every corporation, plus financial report, directors' report and audit or review as required by size.
Within 14 / 28 days
Ongoing notifications
Update the member register within 14 days of a change; notify ORIC of officer, address or contact person changes within 28 days.
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