Determine large proprietary company status annually
Test the three large-prop thresholds at the end of each financial year — failing any two triggers Chapter 2M reporting.
Who must comply
All proprietary companies.
What triggers it
End of each financial year.
When due
Annual self-assessment at FY end.
Evidence required
Threshold assessment workpaper, consolidated financial information for the group.
Max penalty
Civil penalties for non-lodgement of audited reports if large; director duty exposure
Summary
Section 45A defines a 'large proprietary company' as one satisfying any two of: $50M consolidated revenue, $25M consolidated gross assets, or 100+ employees for the financial year. Companies satisfying the threshold must comply with Chapter 2M reporting and audit obligations.
Enforced by
Source legislation
Entity types
Topics
Source: https://asic.gov.au/for-business/running-a-company/annual-statements/. Rules Mate is not a law firm. Always verify against the live regulator source before acting.