ASIC has announced a reduction in form lodging requirements for certain foreign-controlled small proprietary companies.
Previously, these companies were required to lodge a form 384 with ASIC for each financial year they wished to take advantage of financial reporting relief under ASIC Class Order [CO 98/98] Small proprietary companies which are controlled by a foreign company but which are not part of a large group.
As a result of the change, companies will generally need to lodge a form 384 once only, for the first financial year they wish to take advantage of CO 98/98 relief. The only other requirement will be for some companies to lodge a form 394 if, and when, they cease to take advantage of the relief.
‘These changes are an example of ASIC’s initiatives to reduce the amount of information business needs to provide on an ongoing basis’, ASIC’s Acting Executive Director of Regulation, Mr John Price said.
These changes are not expected to affect the quality of information currently contained in ASIC’s public records.
For further information about the new requirements, please refer to Regulatory Guide [RG 58] Reporting requirements – registered foreign companies and Australian companies with foreign company shareholders (updated January 2008).
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