In brief - Increase to thresholds for determining what
constitutes a large proprietary company under the Corporations
Act 2001 will apply from 1 July 2019
The Government has approved changes to increase the thresholds
for what constitutes a large proprietary company. The changes
reduce the financial reporting burden for some proprietary
companies which will help reduce costs for smaller proprietary
companies.
We reported on the proposed changes in our November 2018 article
Government proposes changes for financial
reporting.
The new threshold test - what constitutes a large
proprietary company?
Thresholds have doubled and from 1 July 2019 will be as
follows:
- consolidated revenue for the financial year of the company and
the entities it controls increases from $25 million to $50
million
