News Detail

Do you Need to Report?

The Australian Securities & Investment Commission (ASIC) has decided to give small to medium enterprises some more breathing space for reporting. From 1 July 2008, two out of the three thresholds that govern whether a company needs to lodge their financial reports with ASIC have been significantly raised. For the financial year just gone, the threshold is $10 million in revenue, $5 million in gross assets, and 50 employees. The first two amounts have been increased to $25 million in revenue, and $12.5 million in gross assets. The employee figure has remained the same. For a company to be required to report, they must exceed two out of three of the thresholds. ASIC has advised that it has an active surveillance system in order to detect those that should be reporting. As always, Espreon does not give legal, financial, or accounting advice. All we advise is that you seek out the appropriate professional advice if you are unsure about the new thresholds or how they may apply to your business.