The financial reporting thresholds for ‘large’ proprietary companies have increased effective from 1 July, 2019. For the 2020 financial year, a proprietary company will be considered ‘large’ if it meets at least two of the following 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 the entities it controls is $12.5 million or more; and
- The company, and any entities it controls, have 100 or more employees at the end of the financial year.
This has implications relating to Company Audits for the 2020 Financial year onwards.
If you require any further information please contact one of our tax accountants on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange a teleconference or appointment. Alternatively, please click here to submit an online enquiry form.