Submission on CATSI Amendment Bill exposure draft
Our members considered that the proposed amendments will provide clarity and reduce complexity corporations formed under the Act.
On 6 August 2021, CA ANZ provided feedback to the National Indigenous Australians Agency on the CATSI Amendment Bill exposure draft.
We applauded the clarity with which each recommendation from the Final Report of the review had been addressed. We supported the recommendations being adopted and expressed the view that they will reduce complexity from alignment to accounting standards and the Corporations Act 2001.
We iterated our concern that retaining the term ‘Special Administration’ may mislead directors of corporations formed under the CATSI Act. We expressed the view that the word ‘Administration’ may imply insolvency rather than management. Of the alternate names proposed in recommendation 64 of the Final Report we supported adopting ‘CATSI Special Management’.
We would like to thank the members of CA ANZ for contributing to the feedback provided.
Submission on CATSI Act review – Phase 2
The National Indigenous Australians Agency draft report on the Corporations (Aboriginal and Torres Strait islander) Act 2006.
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