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

Knowing your legal requirements - companies

Knowing your legal requirements - business names

What books and records should my company keep?

Directors and financial reporting

Keeping your company details up to date

Changing a company type

Changing a company name

Ensuring your company is solvent

Annual statements and late fees

How to lodge documents and avoid late fees

Waiving a late lodgement fee

Illegal phoenix activity

Your obligation as a company director

Information on the ASIC website

How to lodge documents and avoid late fees

What books and records should my company keep?

Directors and financial reporting

Financial reports - INFO 31

Companies limited by guarantee: simplified obligations - INFO 131

Directors and financial reporting - INFO 183

More about small business

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Starting a small business

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Closing a small business

Resources

Levelling the playing field for small business

Levelling Playing Field 

ASIC, the ATO, Fair Work Ombudsman, ACCC,  and the Australian Small Business and Family Enterprise Ombudsman discuss what they are doing to help small businesses compete on a level playing field.

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Last updated: 04/11/2013 12:00