Of course you can. In order to meet ASIC’s eligibility requirements of a special purpose not-for-profit company and take advantage of the reduced annual review fee, you will need to make sure that the constitution:
- Requires the company to pursue charitable purposes only and to apply its income in promoting those purposes;
- Prohibits the company making distributions to its members and paying fees to its directors; and
- Requires its directors to approve all other payments the company makes to them.
- Specifies that on winding-up, the company must distribute its assets to an entity with similar objectives, and not to the company’s members.
