Are You Required To Submit ASIC Form 388?

As entities think about their annual audit and ensuring financial reports are lodged on time, it's important to consider whether your company falls within ASIC's list of company types which are required to submit a Form 388 along with the FS70 and FS71.

Entities Required to Submit

Entities which are required to submit a Form 388 include:

• Small Proprietary foreign-controlled companies;
• Large Proprietary companies which are not disclosing entities;
• Public companies or disclosing entities;
• Registered Schemes; and
• Trusts which are disclosing entities.

Large proprietary companies are defined as "large" for a financial year if it satisfies at least 2 of the below criteria: