ASIC financial reporting relief for small foreign owned companies

ASIC has announced additional relief from the requirement to prepare and lodge financial reports for certain small
proprietary companies controlled by foreign companies and registered
foreign companies.

ASIC Class Order [CO 07/505] Variation and revocation of financial reporting instruments
amends existing ASIC relief to reflect recent changes in the
‘large/small test’
made by the Corporations Legislation Amendment (Simpler Regulatory System) Act .

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