Pro Audit

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Impact of Covid-19 on charities Extension of Annual Information Statement Submissions (AIS) to ACNC

Changes to the Large Proprietary Company Threshold which is doubled now, due to recent new regulations.

Under the new regulations from financial years commencing on or after 1 July 2019, a proprietary company will be considered ‘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 consolidated gross assets at the end of the financial year of the company and any entities it controls is $25 million or more
- 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.

Please contact us if you need assistance on this.