No extension of 30 June 2022 reporting deadlines for large grandfathered proprietary companies

Large grandfathered proprietary companies have been able to retain their grandfathered status - and not lodge their financial statements with the Australian Securities and Investments Commission (ASIC) - provided they were audited within four months of the financial year end, and they met all the other criteria in ASIC Corporations (Exempt Proprietary Companies) Instrument 2015/840. ASIC has extended reporting deadlines for unlisted entities several times during the COVID-19 pandemic period, including for large grandfathered proprietary companies. In July 2022, ASIC announced another one-month extension, this time for 30 June 2022 reporting deadlines of unlisted entities reporting under Chapter 2M or Chapter 7 of the Corporations Act 2001. Refer to our July 2022 Corporate Reporting Insights article for more information.

For years ending on or after 10 August 2022, the exemption for large grandfathered proprietary companies to lodge financial reports with ASIC has been scrapped, but those reporting for 30 June 2022 can still take advantage of the lodgment relief for this reporting cycle. Refer to our August 2022 Corporate Reporting Insights article for more information.

Unfortunately, when reporting for 30 June 2022, large grandfathered proprietary companies will have to choose between retaining their grandfathered status and availing themselves of the extended five-month reporting deadline.

ASIC Corporations (Amendment) Instrument 2022/719, which gives effect to the extended deadlines announced in July 2022, could not make consequential amendments to ASIC Corporations (Exempt Proprietary Companies) Instrument 2015/840 to allow lodgment relief for extended deadlines. This is because this instrument was withdrawn when grandfathering was scrapped.

Large grandfathered proprietary companies that wish to retain their lodgment relief for one more year must ensure that their financial statements are audited prior to the four-month reporting deadline – 31 October 2022 for 30 June 2022 year-ends.

More information

Refer to the addendum to ASIC's announcement for more information.