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ARTICLE · 16 AUGUST 2006

Proposed Legislation Simplifies Company Administration

On 14 August 2006 Parliamentary Secretary to the Treasurer Chris Pearce announced that changes to the Corporations Act 2001 (Cth) aimed at simplifying the day-to-day administration of companies are expected to proceed in the coming months.

AustraliaCorporate/Commercial Law

On 14 August 2006 Parliamentary Secretary to the Treasurer Chris Pearce announced that changes to the Corporations Act 2001 (Cth) aimed at simplifying the day-to-day administration of companies are expected to proceed in the coming months.

28 out of over 50 reform proposals first touted in April this year will be further detailed in a proposal paper expected to be released to the public for feedback next month.

The following is a summary of the reform proposals that are expected to surface:

simpler reporting

  • reducing the contents required in a concise report to shareholders to a summary of information from the detailed directors' report
  • increasing the revenue and asset thresholds for financial reporting of "large proprietary companies", which has not changed in 10 years;

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