The company that has not derived income in excess of $30,000, and has not incurred expenditure in excess of $30,000, during the income year has got an exemption 1 from the Minimum requirement of financial statements. The $30,000 in derived income, referred to in the small company reporting exemption relates to revenue, not profit. If company sales exceed $30,000 they would not qualify for the exemption. 1. https://legislation.govt.nz/regulation/public/2014/0069/latest/whole.html
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