Do you need to lodge financial reports with ASIC?
Generally, companies need to lodge financial reports when:
- there are large sums of money involved
- the public has invested in the company, or
- the company exists for charitable purposes only and is not intended to make a profit.
Visit financial reporting for companies registered with the Australian Charities and Not-for-profit Commission (ACNC) if your company is a charity registered with the ACNC.
What types of organisations need to lodge financial reports?
Chapter 2M of the Corporations Act 2001 (Corporations Act) outlines which entities need to lodge financial reports.
In some cases, 'small' companies don't need to lodge. Visit are you a large or small proprietary company? for more information
The following entities need to lodge financial reports:
- all disclosing entities
- all public companies
- companies limited by guarantee (except small companies limited by guarantee)
- all large proprietary companies
- all registered schemes
- small proprietary companies that are foreign-controlled
- small proprietary companies or small companies limited by guarantee that we direct to prepare financial reports
- small proprietary companies subject to shareholder direction under s293 of the Corporations Act
- small companies limited by guarantee subject to member direction under s294A of the Corporations Act
- small proprietary companies that have one or more crowd-sourced funding shareholders at any time during the year
- registered foreign companies may also need to lodge balance sheets, profit and loss statements, cash flow statements and other documents with ASIC.
Australian financial services (AFS) licensees must also lodge financial statements under section 989B of Corporations Act.
If you are unsure about your financial reporting obligations, you should seek professional advice.
- Information Sheet 31 Lodgement of financial reports (INFO 31)