Proprietary Company Reporting Obligations
Effective for years beginning on or after 1 July 2019, the financial reporting thresholds for determining proprietary companies as ‘large’ have doubled from the previous tests.
The revised thresholds mean that for the purpose of the Australian Securities and Investments Commission (ASIC) reporting requirements, entities are considered ‘large’ if they meet two of the three thresholds for a financial year:
- $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:
Previously, proprietary companies were 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.