Small business-companies that must lodge financial reports with ASIC
Certain companies must lodge financial reports with ASIC, including all large proprietary companies and small proprietary companies (if directed to do so). Generally, companies must lodge financial reports if:
substantial sums of money are involved
the general public has invested funds with the company, and
the company exists for charitable purposes only and is not intended to make a profit.
Financial reports are required even if the company has not made a profit or traded during the financial year.
For a list of the type of information and documents that must be included with the financial report, see the table in Information Sheet 31 Financial reports.
If your company is required to lodge financial reports, you should lodge a Form 388 Copy of financial statements and reports along with the relevant financial documents, within four months of the end of the financial year.
If your company is required to lodge financial reports with us, you are entitled to delegate this task to others and seek appropriate professional advice. However, you are still expected to take a diligent and intelligent interest in the information and understand that information.
More information on this topic
Information on the ASIC website
Financial reports - INFO 31
Directors and financial reporting - INFO 183