Lodgment of annual reports with ASIC

Offence title:

Lodgment of annual reports with ASIC

Act:

319 Corporations Act

Offence:

(1) A company, registered scheme or reporting entity must lodge its Division 1 financial year report with AISC. This obligation extends to a concise report under s. 324.

(1AA) A notified foreign passport fund must lodge each of the following with ASIC for each financial year for the fund:

(a)   a copy of a report for the fund for the year, prepared in accordance with the financial reporting requirements applying to the fund under the Passport Rules for the home economy for the fund;

(b)   a copy of each auditor’s report that relates to the report mentioned in paragraph (a).

Penalty:

120 penalty units.

Summary/Indictable/mixed:

Summary

Jurisdiction:

Local Court

How committed:

(1) A public company fails to file necessary reports in accordance with this regime requirements.

(1AA) A notified foreign passport fund fails to lodge report with ASIC prepared under the financial passport requirements of the Passport Rules for the home economy of the fund, together with an auditor’s report.

Important note:

Defences:

(2) Subsection (1) does not apply to:

(a)   a small proprietary company that prepares a report in response to:

                         i.         a shareholder direction under section 293; or

                       ii.         an ASIC direction under section 294;

if paragraph 292(2)(c) (about having CSF shareholders) does not also apply to the company for the financial year; and

(b)   a small company limited by guarantee that prepares a report in response to a member direction under section 294A or an ASIC direction under section 294B.

(3) The time for lodgment is:

(a)   within 3 months after the end of the financial year for a disclosing entity, registered scheme or notified foreign passport fund; and

(b)   within 4 months after the end of the financial year for anyone else.