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28.05.2020

News

ASIC further extends financial reporting deadlines

To assist businesses impacted by COVID-19 remote work and travel restrictions ASIC has further extended the deadline for both listed and unlisted entities to lodge financial reports under the Corporations Act. This broadens the earlier relief announced for unlisted entities with financial years ending between 31 December 2019 and 31 March 2020.

That period has been extended to 7 July 2020, so unlisted entities and registered schemes with financial years ending by that date now have five months from the financial year end to lodge their annual reports. A similar extension applies for most AFS licensees, except disclosing entity licensees who will have four months to lodge. Auditors will also have four months (up from three) to lodge compliance plan audits for registered schemes with financial years ending by 7 July 2020.

The timeframes for listed entities to lodge reports will be similar, with annual reports due within five months from the end of the financial year and half year reports within 105 days of the end its half-year.

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