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ARTICLE · 15 AUGUST 2022

Regulatory changes for proprietary companies

Moore Australia
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New amendments will impact proprietary companies and reduce the tax transparency threshold for private companies.

AustraliaCorporate/Commercial Law
Kristen Haines
Kristen Haines
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The requirements in the Corporations Act (2001) that exempted grandfathered large proprietary companies from lodging financial statements with ASIC has been removed and the tax transparency threshold for proprietary companies will be reduced to $100 million.

The Treasury Laws Amendment (2022 Measures No. 1) Bill 2022 has passed both Houses of Parliament and proposes to:

  • Remove the exemption in the Corporations Act (2001) that previously exempted grandfathered large proprietary companies from lodging financial statements with ASIC
  • Reduce the tax transparency threshold for Australian owned private companies to $100 million

If you are affected by these changes, the impacts could be significant.

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