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ARTICLE · 06 JULY 2019

Small and large proprietary companies redefined

Redefinitions of 'small' and 'large' proprietary companies will have a significant impact on their reporting obligations.

AustraliaCorporate/Commercial Law

From July 1 2019, changes to the definition of 'small' and 'large' proprietary companies will have a significant impact on the reporting obligations of small and medium sized enterprises.

Overview

Under the previous regime established by the Corporations Act 2001 (Cth), the thresholds for 'large' and 'small' proprietary companies would be satisfied where at least two of the following three requirements were met:

Prior to 1 July 2019

Large Pro­pri­etary Companies – Small Pro­pri­etary Companies –
  • $25 mil­lion or more in con­sol­i­dat­ed revenue;
  • $12.5 mil­lion or more in con­sol­i­dat­ed gross assets; or
  • 50 or more employees.
  • less than $25 mil­lion in con­sol­i­dat­ed revenue;

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For further information please contact:

Michael Byrnes, Partner
Phone: + 61 2 9233 5544
Email: [email protected]

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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