ASIC: Extension for lodging financial reports
On 9 April 2020, ASIC announced that the deadline for unlisted entities to lodge financial reports under Chapters 2M and 7 of the Corporations Act 2001 has been extended by one month. This extension is available for entities with balance dates from 31 December 2019 to 31 March 2020, provided that as of 9 April 2020 the reporting deadline had not already passed.
If a company limited by guarantee is a not-for-profit, but is not registered with the ACNC and reports to ASIC, the company will have the benefit of the extension. The extended deadlines will assist those not-for-profits regulated by ASIC, whose reporting processes have been disrupted due to travel restrictions or working from home arrangements, as a result of COVID-19.
ASIC continues to assess the impact on financial reporting for balance dates after 31 March 2020. For more information see the Media Release 9 April 2020.