|What companies have to lodge financial reports?|
I know I have to lodge reports—how do I go about it?
Financial reporting for companies registered with the Australian Charities and Not-for-Profit Commission
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|Document||Section of the Corporations Act|
|Statement of financial position as at the end of the year (if consolidated accounts are not required by Accounting Standards)||295(2) & 296(1)|
|Statement of comprehensive income for the year (if consolidated accounts are not required by Accounting Standards)||295(2) & 296(1)|
|Statement of cash flows for the year (if consolidated accounts are not required by Accounting Standards)||295(2) & 296(1)|
|Statement of changes in equity if consolidated accounts are not required by Accounting Standards)||295(2) & 296(1)|
|Consolidated financial statements, if required by accounting standards– which may include parent entity financial information where [CO10/654] conditions are met.||295(2) & 296(1)|
|Notes to financial statements (disclosure required by the regulations, notes required by the accounting standards, and any other information necessary to give a true and fair view)||295(3)|
|Directors' declaration that the financial statements comply with accounting standards, give a true and fair view, there are reasonable grounds to believe the company/scheme/entity will be able to pay its debts, the financial statements have been made in accordance with the Corporations Act||295(4)|
|Directors' report, including the auditor's independence declaration||298-300A|
|Auditor's report||301 & 308|
If the company has not made a profit or traded during the financial year, financial reports are still required even if it is necessary to show figures as ‘zero’ (e.g. Total assets = $0.00).
How can I lodge financial reports?
As noted above you lodge your company's financial reports with a copy of Form 388 Copy of financial statements and reports unless you lodge your financial reports with the ASX.
You can lodge online through the company officeholder, registered agent and auditor portals once you have registered for access.
You can lodge through the Standard Business Reporting (SBR) Program if your financial, accounting, or payroll software is SBR-enabled.
Otherwise you can lodge the reports on paper using Form 388 Copy of financial statements and reports.
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Other information sheets that you may find useful include:
|This is Information Sheet 31 (INFO 31). Information sheets provide concise guidance on a specific process or compliance issue or an overview of detailed guidance.|