Proprietary Company Reporting Obligations

 

The Treasury have announced the financial reporting thresholds for determining proprietary companies as ‘large’ have doubled, with the change effective 1 July 2019.

Currently, proprietary companies are considered to be ‘large’, for the purposes of ASIC reporting requirements, if they meet at least any two of the following three thresholds for a given financial year:

  • $25 million or more in consolidated revenue;
  • $12.5 million or more in consolidated gross assets; or
  • 50 or more employees.

These ‘large’ proprietary companies are required to prepare and lodge a financial report, a director’s report and an auditor’s report with ASIC each financial year.

Click below to find guidance on the current reporting obligations:

The new thresholds will mean that for the purpose of the Australian Securities and Investments Commission (ASIC) reporting requirements, entities will be considered ‘large’ if they meet two of the three thresholds for a financial year from July 2019:

  • $50m or more in consolidated revenue;
  • $25 million or more in consolidated gross assets or;
  • 100 or more employees

Click below to find guidance on the reporting obligations effective July 1 2019:

Contact your local William Buck ASIC advisor for more information.

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