Australia

Proprietary Company Reporting Obligations

 

Effective for years beginning on or after 1 July 2019, the financial reporting thresholds for determining proprietary companies as โ€˜largeโ€™ 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 โ€˜largeโ€™ 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 โ€˜largeโ€™, 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.

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