As entities think about their annual audit and ensuring financial reports are lodged on time, it's important to consider whether your company falls within ASIC's list of company types which are required to submit a Form 388 along with the FS70 and FS71.
Entities Required to Submit
Entities which are required to submit a Form 388 include:
- Small Proprietary foreign-controlled companies;
- Large Proprietary companies which are not disclosing entities;
- Public companies or disclosing entities;
- Registered Schemes; and
- Trusts which are disclosing entities.
Large proprietary companies are defined as "large" for a financial year if it satisfies at least 2 of the below criteria:
- the consolidated revenue for the financial year of the company and any entities it controls is $50 million or more;
- the value of the consolidated gross assets at the end of financial year of the company and its controlled entities is $25 million or more;
- the company and its controlled entities have 100 or more employees at the end of the financial year.
Timeframes for Lodgement
If you are required to submit Form 388, ensure your auditor is aware of this obligation to ensure it is submitted within the required timeframe. Forms submitted out of time will incur hefty late fees.
| Entity Type | Audit Lodgement Deadline |
| Small Proprietary foreign-controlled companies | Within 4 months of the end of your financial year |
| Large Proprietary companies which are not disclosing entities | Within 4 months of the end of your financial year |
| Registered Schemes | Within 3 months of the end of your financial year |
| Public companies and disclosing entities | Within 3 months of the end of your financial year |
| Small Proprietary companies or small public companies limited by guarantee | Contact your auditor for the relevant timeframe. |
Background
Form 388 collects the following information:
- financial details of large proprietary companies (where applicable);
- information about the Auditor Report;
- details of the entity's current auditor; and
- copies of the entity's financial statements.
Further Information
Most of ASIC's forms can be lodged online including:
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.