Large proprietary companies (that are not disclosing entities)
A company’s financial reporting obligations depend on the type of company it is. There are several types of large proprietary companies.
This page contains:
- Wholly-owned companies that entered into deeds of cross guarantee with every other company in the closed group
- Large proprietary companies that have not been audited in any financial year since 1993
- Other large proprietary companies.
- Sustainability reporting
Wholly-owned companies that entered into deeds of cross guarantee with every other company in the closed group
These companies are not required to comply with Part 2M.3 of the Corporations Act 2001 (Corporations Act). If all conditions in ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 are met, these companies do not have to prepare audited financial statements for lodgement with ASIC or for sending to members.
Large proprietary companies that have not been audited in any financial year since 1993
You must prepare annual financial reports in accordance with Chapter 2M of the Corporations Act.
These financial reports must be:
- audited unless conditions under ASIC Corporations (Audit Relief) Instrument 2016/784 are met
- lodged with ASIC within four months of the financial year end
- sent to members within four months of the financial year end.
Other large proprietary companies
You must prepare annual financial reports in accordance with Chapter 2M of the Corporations Act.
These financial reports must be:
- audited
- lodged with ASIC within four months of the financial year end
- sent to members within four months of the financial year end.
Sustainability reporting
From 1 January 2025, sustainability reporting obligations will be progressively phased in and apply to most large proprietary companies by 1 July 2027. Sustainability reports must be prepared and lodged in accordance with Chapter 2M of the Corporations Act.
Sustainability reports must be:
- audited
- lodged with ASIC within four months of the financial year end
- sent to members within four months of the financial year end.
For more information, see Who must prepare a sustainability report?