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Family Assistance Legislation Amendment (Child Care Financial Viability) Bill 2011

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The Parliament of the

Commonwealth of Australia









Family Assistance Legislation Amendment (Child Care Financial Viability) Bill 2011


(Amendments to be moved by Ms Ley)

(1)     Schedule 1, item 15, page 7 (lines 29 to 31), omit subsection (4), substitute:

             (4)  The Secretary may require only financial information that:

                     (a)  is of a kind listed in section 219GAA; and

                     (b)  relates to any of the 5 financial years immediately preceding the date of the   notice.

[financial information]

(2)     Schedule 1, item 15, page 8 (after line 15), after section 219GA, insert:

219GAA  Financial information that may be required

                   The following kinds of financial information may be required under section 219GA:

                     (a)  a statement of comprehensive income,  profit and loss statement or statement of financial performance;

                     (b)  a statement of financial position or balance sheet;

                     (c)  a statement of cash flows;

                     (d)  notes to the accounts;

                     (e)  information relating to material (that is, greater than 10%) changes to the financial situation over a reporting period;

                      (f)  information relating to breaches of debt covenants;

                     (g)  information relating to ownership and organisational structure;

                     (h)  information relating to sale or closure of child care services;

                      (i)  information relating to plans to purchase new child care services;

                      (j)  whether in the past 12 months any director was subject to personal bankruptcy proceedings or was a director of a company subject to insolvency proceedings;

                     (k)  whether the operator has guaranteed the debts of another organisation in the past 12 months.

[financial information]