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Companies

Company financial reports

Key points:

  • Some companies must lodge financial reports.
  • Financial reports are generally due at the end of the financial year.
  • People who search the companies register will be able to see these financial reports.

Companies that must lodge financial reports

You should keep financial records to track your company’s financial position. You can use these records to prepare financial reports.

Some companies must lodge their financial reports with ASIC. These include:

  • A disclosing entity under the Corporations Act is a company or entity that is:

    • Listed on a financial market in Australia (like the ASX), or
    • Has issued enhanced disclosure securities (such as shares or debentures) that are still on issue and were offered under a disclosure document (like a prospectus).

    These entities must comply with continuous disclosure obligations meaning they have to promptly disclose information that could affect their share price or investor decisions. They must also prepare and lodge financial reports half-yearly in addition to their full-year financial reports.

  • A public company is not a proprietary company. Generally, a public company can offer shares to the public and has no restriction on the number of members. In Australia, a listed public company can offer its shares on the Australian Securities Exchange (ASX).

  • large proprietary companies
  • some small proprietary companies.

Some other types of entities must also lodge financial reports. See more detailed information about lodgement of financial reports:

Exemptions from lodging financial reports

Some companies lodge their financial reports with other organisations. In these cases, they do not also need to lodge them with ASIC. This is called 'dual lodgement relief'. Some companies controlled by a foreign company can also apply for an exemption from lodging financial reports.

Do not assume that your company qualifies for an exemption. Generally, only a few companies qualify for some form of relief. For more information, see Relief from corporate finance provisions.

Information included in a financial report

A financial report generally includes:

  • financial statement, including statements of financial position, profit and loss, cash flows and changes in equity
  • notes to the financial statement
  • consolidated entity disclosure statement (for a public company)
  • directors’ declaration about the statements and notes
  • directors’ report (including the auditor’s independence declaration)
  • auditor’s report.

A sustainability report is a separate type of report that some companies must prepare. It can be included and lodged with a financial report, or lodged separately.

Financial reports must meet Australian accounting standards. You can see more detailed information for Preparers of financial reports.

Financial reporting using a presentation currency other than Australian dollars

Under the Australian accounting standards, an entity may choose to present its financial statements in any currency. Where an entity prepares financial statements using a presentation currency other than Australian dollars, it may report in this currency to members and lodge those financial reports with ASIC.

You can get more information on presentation currency in the Australian Accounting Standards Board AASB 121 The effects of changes in foreign exchange rates

When to lodge financial reports

Your lodgement deadline will depend on the type of company you are lodging for:

  • Disclosing entity – within 3 months after the end of the financial year.
  • All other companies – within 4 months after the end of the financial year.

Disclosing entities and public companies must send the financial report to members the earlier of:

  • 21 days before the next AGM after the end of the current financial year, or
  • 4 months after the end of the financial year.

A large proprietary company must send the financial report to members within 4 months after the end of the financial year.

A company must still lodge a financial report if it has not made a profit or traded during the financial year. If a company is no longer trading, you can close your company.

A disclosing entity must also lodge half-year financial reports. You do not need to lodge a half-year report if the first financial year is 8 months or less. You must lodge half-year reports within 75 days of the half-year’s end.

Lodging financial reports with ASIC

A

We use ‘company officeholder’ to mean a director or secretary of a company.

A company officeholder is an officer of a company, but not all officers are officeholders. The term officer is defined in the Corporations Act 2001 but officeholder is not.

,

A registered agent is a person or an entity appointed by a company to help it with tasks like lodging documents with ASIC. The registered agent may receive ASIC notifications. They are registered with ASIC.

or auditor can lodge financial reports.

See a step-by-step guide to lodging a financial report with ASIC:

Lodge a financial report with ASIC

Relevant legislation