Companies limited by guarantee
This page includes general information about financial reporting for 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 information
Information Sheet 131 Obligations of companies limited by guarantee (INFO 131)
Information Sheet 31 Lodgement of financial reporting (INFO 31)