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 qualifies for an exemption from the minimum requirement for financial statements. It’s important to note that the $30,000 in derived income refers to revenue, not profit. For example, if a company’s sales exceed $30,000, it would not qualify for the exemption. Links Section 5 of the Tax Administration (Financial Statements) Order 2014 .