Large proprietary companies must prepare and lodge a financial report and a directors’ report for each financial year with ASIC. The accounts must be audited unless ASIC grant relief. A proprietary company is defined as large for a financial year if it satisfies at least two of the following criteria: 1. The consolidated revenue for the financial year of the company and any entities it controls is $25 million or more 2. The value of the consolidated gross assets at the end of the financial year of the company and any entities it controls is $12.5 million or more, and 3. The company and any entities it controls have 50 or more employees at the end of the financial year. For help - contact BASMAN RETURNS |
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