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PKF Australia

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Hayley Keagan

Technical Director

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Large company thresholds for ASIC reporting have increased

On 4 April 2019 the Corporations Regulations were amended to increase the thresholds for those companies who are considered ‘large’ for the purpose of lodging financial reports with ASIC. The changes have doubled the thresholds in an attempt to ease the financial reporting burden on private companies and come into effect from 1 July 2019.

From 1 July 2019, any proprietary company who satisfies two of the following conditions will be considered a large proprietary company:

 

Previous thresholds

From 1 July 2019

Consolidated revenues for the financial year

$25 million

$50 million

Consolidated gross assets at the end of the financial year

$12.5 million

$25 million

The number of employees that the company and any entities it controls has at the end of the financial year

50 employees

100 employees

 

If a company was previously lodging audited financial statements with ASIC due to being a Large Proprietary Company, after the changes come into effect it may no longer need to do this.


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