The Federal Government has increased the financial threshold test for large proprietary companies reporting their Audited Financial accounts to the Australian Securities and Investments Commission (ASIC). The effective date for the new Financial Reporting Thresholds is the financial year commencing 1 July 2019.
Section 45A of the Corporations Act is the operative provision that requires large proprietary companies to prepare and lodge an annual financial report, a director’s report and an auditor’s report with the ASIC.
The changes introduced to the financial reporting thresholds are as follows:
A proprietary company is deemed too be a large proprietary company if it satisfies at least two of the above three tests. If so, it is required to prepare and lodge an annual financial report, a director’s report and an auditor’s report with the ASIC.
If you require clarity or further guidance on the application of these new regulations please contact Lucinda (firstname.lastname@example.org), Oggy (email@example.com), Michelle (firstname.lastname@example.org), Hayden (email@example.com) or Noe (firstname.lastname@example.org).
Date of Issue: 17 April 2019
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