What forms of Co-operatives are there in Australia?
In Australia, a co-operative is one of a number of organisational forms that can be used for pursuing business or social ventures. A major differentiation is made between financial co-operatives and non-financial or general co-operatives. Financial co-operatives engage in financial deposit taking and lending to members and they are regulated as non-bank financial institutions. Financial co-operatives include credit unions, building societies and friendly societies. Co-operatives can be classified by the way they are incorporated. Most co-operatives, are incorporated under Co-operatives Acts, passed by Australian State or Territory Governments. A few general co-operatives are incorporated as companies under Corporations Law. (The reason for this is explained, to some extent, by the fact that Victoria, unlike NSW and Queensland did not have separate co-operative legislation until 1953). These Corporations have structured themselves internally as co-operatives and qualify as such for taxa
