Are you a large or small proprietary company

A proprietary company is defined as being large or small. 

Large proprietary company

A proprietary company is defined as large for a financial year if it satisfies at least two of the following paragraphs:

  • the consolidated revenue for the financial year of the company and any entities it controls is $25 million or more
  • the value of the consolidated gross assets at the end of the financial year of the company and any entities it controls is $12.5 million or more, and
  • the company and any entities it controls have 50 or more employees at the end of the financial year.


Large proprietary companies must prepare and lodge a financial report and a directors’ report for each financial year. The accounts must be audited unless ASIC grants relief. 

Small proprietary company

A proprietary is defined as small for a financial year if it satisfies at least two of the following paragraphs:

  • the consolidated revenue for the financial year of the company and any entities it controls is less than $25 million
  • the value of the consolidated gross assets at the end of the financial year of the company and any entities it controls is less than $12.5 million, and
  • the company and any entities it controls have fewer than 50 employees at the end of the financial year.

Some small proprietary companies may have to lodge financial reports in certain circumstances.

What's new

Industry funding

ASIC has released its Cost Recovery Implementation Statement (CRIS), which includes estimated costs for ASIC’s 2017-18 regulatory activities. 6 Oct, 17-334MR

Review of 31 December 2016 financial reports

ASIC has announced the results from a review of the 31 December 2016 financial reports of 90 listed and other public interest entities. 17-219MR, 30 June

Inspection of audits for 2015–16

ASIC has released the results of its audit firm inspections for the 18 months to 31 December 2016, as well as three information sheets related to improving audit quality and our inspection process. 17-214MR, 29 June

Communicating ASIC’s findings from audit files,

This new regulatory guide provides transparency on our criteria and process for communicating financial reporting and audit findings. 17-200MR, 23 June

More releases on financial reporting and audit

Last updated: 20/10/2014 12:00