ASIC relief for foreign-controlled small proprietary companies

ASIC has made Class Order [CO 07/822] varying Class Order [CO 98/98] which provides relief to foreign-controlled small proprietary companies which are not part of a “large group” (as defined in the principal class order) from the requirement under paragraph 292(2)(b) of the Act to prepare and lodge audited financial reports and directors’ reports with ASIC.

The amending class order reduces the administrative burden on companies relying on the relief to lodge forms with ASIC every year. (Explanatory statement)