This article is for you if you would like US to prepare the report for you
ASIC lifted the thresholds from 1 July 2019.
They doubled all of them, so that should reduce the number of large pty limited companies who need to do reporting.
The new thresholds:
- $50 million in revenue (Used to be $25 million)
- $25 million in assets (Used to be $12.5 million)
- 100 employees (Used to be 50)
Meaning that if you tick 1 but not 2 or 3 of the below, then you are defined as "small".
EG - if you have 150 employees AND $60 million in revenue, then you are LARGE.
The main ASIC page to look at is this one: https://asic.gov.au/regulatory-resources/financial-reporting-and-audit/preparers-of-financial-reports/lodgement-of-financial-reports/
So you can use your GPFR in Xero system to prepare for large pty limited clients.
Working with an auditor will ensure the financial statements are compliant.
We have worked with auditors to ensure compliance.
This 3 minute video explains the process.
Press release:
Definition of a large proprietary company - financial years commencing on or after 1 July 2019
From financial years commencing on or after 1 July 2019, a proprietary company is defined as 'large' for a financial year if it satisfies at least two of the below criteria:
- the consolidated revenue for the financial year of the company and any entities it controls is $50 million or more
- the value of the consolidated gross assets at the end of the financial year of the company and any entities it controls is $25 million or more, and
- the company and any entities it controls have 100 or more employees at the end of the financial year.
Large proprietary companies must prepare and lodge a financial report and a director's report for each financial year. The accounts must be audited unless ASIC grants relief.
If the company does not meet at least two of the above criteria, it is 'small'.
In some circumstances, small proprietary companies may also have to lodge financial reports.
