Companies limited by guarantee

What is a small company limited by guarantee?

A company is a small company limited by guarantee in a particular financial year if :

  • it is a company limited by guarantee for the whole of the financial year

  • it is not a deductible gift recipient at any time during the financial year, and

  • its revenue (or consolidated revenue if that applies) for the financial year is less than $250 000.

Small company limited by guarantee

Where directed by a member of the company or ASIC, you must prepare:

  • annual financial reports

  • a directors' report with specific disclosure as set out in Section 300B of the Corporations Act

which are

  • prepared in accordance with Chapter 2M

  • audited or reviewed.

The company must notify members of the annual financial report.

Company limited by guarantee with annual (or consolidated) revenue of less than $1 million

You must prepare:

  • annual financial reports

  • a directors' report with specific disclosure as set out in Section 300B of the Corporations Act

which are

  • prepared in accordance with Chapter 2M

  • audited or reviewed.

The annual financial report must be given to any member who elects to receive them.

Company limited by guarantee with annual (or consolidated) revenue of $1 million or more

You must prepare:

  • annual financial reports

  • a directors' report with specific disclosure as set out in Section 300B of the Corporations Act

which are

  • prepared in accordance with Chapter 2M

  • audited.

The annual financial report must be given to any member who elects to receive them.

More about simplified obligations of companies limited by guarantee

More about financial reports

More information for auditors

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