Unlisted companies with a 31 December or 31 March year-end have been granted an extension of one month to their financial reporting deadlines by the Australian Securities and Investments Commission (“ASIC”).
- Proprietary Companies and other non-disclosing entities with a year-end of 31 December 2019 will have their lodgement deadline extended by one month until 31 May 2020.
- Proprietary Companies and other non-disclosing entities with a year-end of 31 March 2020 will have their lodgement deadline extended by one month until 31 August 2020.
- Unlisted disclosing entities and registered schemes with a year-end of 31 March 2020 will have their lodgement deadline extended by one month until 31 July 2020.
- There is no relief for financial reporting deadlines which have already passed, or for listed entities.
ASIC also confirmed that it has not yet made any decision about granting an extension for 30 June 2020 year-ends, but continues to monitor the situation closely.
Ralph Martin, National Technical Director of RSM Australia, said:
We welcome ASIC’s decision to provide an extension of financial reporting deadlines for entities whose financial reporting process may have been disrupted by the impact of COVID-19. The extension reflects a reasonable balance between the need for timely financial information, and the impact of COVID-19 on the current business environment, which may make the preparation and audit of financial statements more challenging. We recognise that ASIC will continue to review statutory deadlines for 30 June 2020 year-ends in light of the rapidly changing events, and would support similar relief being offered should the present restrictions on business remain.
For more information
If you have any questions or require further information, contact your local RSM adviser today.