ASIC Reporting Obligations For Your Business

As business owners we must be acutely aware of the various obligations we have when it comes to reporting not just with the ATO, but also with ASIC. And, although all companies should keep sound financial records and reports, some types of companies need to keep these records for the purpose of preparing and lodging financial reports with ASIC regularly.

So where does your company fit and what is required of you?

Well, companies must lodge regular reports where:

• There are substantial sums of money involved
• The general public has invested funds with the company, or
• The company exists for charitable purposes only and is not intended to make a profit 

Section 292 of the Corporations Act 2001 (CorporationsAct) requires the following entities to prepare financial reports: 

The Corporations Act defines each of the above companies andASIC provides some very  handy information here. 

Depending on your situation and the type of company you operate there’s more details to be aware of, so if you’re unsure of what is required of your business, it’s worth getting in touch with the Attune team for your complete set of requirements.

It’s also worth noting that there can be different types of auditor financial report relief available depending on the type of company you are, so we suggest you check out the details on the ASIC website or speak with us to understand what’s possible for you.

We’re here to give you and your business sound, strategic advice when you need it, so if you’re looking to understand your ASIC and ATO reporting obligations, speak with the Attune team today on 1300866 113 or send us an email.