Small proprietary companies controlled by a foreign company (and are not disclosing entities)
A small proprietary company that is controlled by a foreign company, which is not a disclosing entity, must comply with certain financial reporting and audit reporting requirements, as set out in the following table:
| Entity | Requirements |
|---|---|
| Small proprietary companies controlled by foreign companies that are not part of a large group | You are not required to appoint auditors or prepare or lodge financial reports if the directors resolve to rely on the relief provided by ASIC Corporations (Foreign-Controlled Company Reports) Instrument 2017/204 and lodge notice of that resolution within the time requirements under that instrument
The directors must resolve to rely on the relief and lodge Form 384 Resolution by directors of a small proprietary company controlled by a foreign company which is not part of a 'large group' within the deadlines set out in Instrument 2017/204. |
| Small proprietary companies controlled by foreign companies for all or part of the financial year where a parent company (which must be an Australian company or a registered foreign company) lodged consolidated financial statements for that financial year with ASIC | You are not required to appoint auditors or prepare or lodge financial reports. |
| Other small proprietary companies controlled by foreign companies that have not been audited in any financial year since 1993 with the exception of a year ending after 9 December 1995 and before 24 April 1997 | You must prepare financial reports in accordance with Chapter 2M of the Corporations Act.
These financial reports must be:
The financial report does not need to be audited if conditions under ASIC Corporations (Audit Relief) Instrument 2016/784 are met. |
| All other small proprietary companies controlled by foreign companies | You must prepare financial reports in accordance with Chapter 2M of the Corporations Act.
These financial reports must be:
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