Asic Form 388 – Fill Out and Use This PDF

Company/scheme details

Company/scheme name

Lodgement details

An image of this form will be available as part of the public register.

Who should ASIC contact if there is a query about this form?

ASIC registered agent number (if applicable)

Firm/organisation

Tick appropriate box.

See Guide for deinition of Tier 2 public company limited by guarantee

See Guide for deinition of large proprietary company

See Guide for deinition of small proprietary company

Dates on which inancial year begins and ends

A public company or a disclosing entity which is not a registered scheme or prescribed interest undertaking

A Tier 2 public company limited by guarantee

A registered scheme

Amendment of inancial statements or directors’ report (company)

Amendment of inancial statements or directors’ report (registered scheme)

A large proprietary company that is not a disclosing entity

A small proprietary company that is controlled by a foreign company for all or part of the period and where the company’s proit or loss for the period is not covered by the statements lodged with ASIC by

a registered foreign company, company, registered scheme, or disclosing entity

A small proprietary company, or a small company limited by guarantee that is requested by ASIC to prepare and lodge statements and reports

A prescribed interest undertaking that is a disclosing entity

Financial year begins

Financial year ends

/

/

to

/

/

[D

D] [M

M]

[Y

Y]

[D

D] [M

M]

[Y

Y]

(A)

(L)

(B)

(C)

(D)

(H)

(I)

(J)

(K)

See Guide for deinition of large and small proprietary companies.

If the company is a large proprietary company that is not a disclosing entity, please complete the following information as at the end of the inancial year for which the inancial statements relate:

AWhat is the consolidated revenue of the large proprietary company and the entities that it controls?

Tick one box and complete relevant section(s)

Were the inancial statements audited or reviewed?

Audited - complete B only

Reviewed - complete A and B

No

If no, is there a class or other order exemption current for audit/review relief?

Yes

No

A. Reviewed

Is the reviewer a registered company auditor, or member of The Institute of Chartered

Accountants in Australia, CPA Australia Limited, or Institute of Public Accountants and holds a practising certiicate issued by one of those bodies?

Yes

No

B. Audited or Reviewed

Is the opinion/conclusion in the report:

Modiied? (The opinion/conclusion in the report is qualiied, adverse or disclaimed)

Yes

No

Does the report contain an Emphasis of Matter and/or Other Matter paragraph?

Yes

No

A company may have two appointed auditors, provided that both auditors were appointed on the same date.

Otherwise, an appointed auditor must resign, be removed or otherwise ceased before a subsequent appointment may be made.

Auditor registration number (for individual auditor or authorised audit company)

Family name		Given name

or

Company name

ACN/ABN

or

Firm name (if applicable)

Ofice, unit, level

Street number and Street name

Suburb/City		State/Territory		Postcode

Country (if not Australia)

Date of appointment

/ /

[D D] [M M] [Y Y]

Auditor registration number (for individual auditor or authorised audit company)

Family name		Given name

or

Company name

ACN/ABN

or

Firm name (if applicable)

Signature

See Guide for details of signatory.

I certify that the attached documents marked ( ) are a true copy of the original reports required to be lodged under

s319 of the Corporations Act 2001.

Name

Signature

Capacity

Director

Company secretary

Date signed

/ /

[D D] [M M] [Y Y]

Lodgement

For more information

Webwww.asic.gov.au

Need help? www.asic.gov.au/question

Signature

Company - form must be signed by a director or secretary.

Registered scheme - form must be signed by director or secretary of the responsible entity.

Prescribed interest undertaking - a director or secretary of the management company or trustee company acting in that capacity.

Lodgement period

Disclosing entities and managed investment schemes - 3 months after the end of inancial year.

All other companies required to lodge statements and reports - 4 months after the end of inancial year.

Small proprietary companies and small public companies limited by guarantee can be directed to report to ASIC under s294 and s294B respectively, the lodgement period will be included in the direction.

Reports amended after lodgement with ASIC - 14 days after amendment

Late fees

Late fees will apply if the document is lodged outside the prescribed period.

For information on fees refer to www.asic.gov.au/forms.

A form is not considered lodged until it is received and accepted by ASIC as being in compliance with s1274(8) of the Corporations Act 2001. A receipt will not be issued unless requested.

Appointment of company auditor

A company may have two appointed auditors, provided that both auditors were appointed on the same date. Otherwise, an appointed auditor must resign, be removed or otherwise ceased before a subsequent appointment may be made.

Deinition of large and small proprietary companies

A proprietary company is deined as being large or small.

A proprietary company is deined as large for a inancial year if it satisies at least two of the following paragraphs:

•the consolidated revenue for the inancial year of the company and any entities it controls is $25 million or more

•the value of the consolidated gross assets at the end of the inancial year of the company and any entities it controls is $12.5 million or more, and

•the company and any entities it controls have 50 or more employees at the end of the inancial year.

Large proprietary companies must prepare and lodge a inancial report and a directors’ report for each inancial year.

The accounts must be audited unless ASIC grants relief.

A proprietary company is deined as small for a inancial year if it satisies at least two of the following paragraphs:

•the consolidated revenue for the inancial year of the company and any entities it controls is less than $25 million

•the value of the consolidated gross assets at the end of the inancial year of the company and any entities it controls is less than $12.5 million, and

•the company and any entities it controls have fewer than 50 employees at the end of the inancial year.

Some small proprietary companies may have to lodge inancial reports in certain circumstances.

Deinition of small limited by guarantee company

A company is a small company limited by guarantee in a particular inancial year if:

(a)it is a company limited by guarantee for the whole of the inancial year; and

(b)it is not a deductible gift recipient at any time during the inancial year; and

(i)the revenue of the company for the inancial year is less than $250,000, or

(ii)if the company is required by the accounting standards to be included in consolidated inancial statements, the consolidated revenue of the consolidated entity for the inancial year is less than $250,000.

(c)it is not a Commonwealth company, a subsidiary of a Commonwealth company or a subsidiary of a

Commonwealth authority;

(d)it has not been a transferring inancial institution of a State or Territory within the meaning of clause 1 of Schedule 4 to the Corporations Act; and

(e)it is not a company that is permitted to use the expression building society, credit society or credit union under s66 of the Banking Act 1959 at any time during the inancial year.

Annual inancial reporting for companies limited by guarantee

A three tiered inancial reporting framework exists for companies that are limited by guarantee (LMGT).

	Tier 1	Small company limited by	No obligation to prepare and lodge inancial report or directors’ report
		guarantee	unless directed to prepare a report by members or ASIC
	Tier 2	LMGT company with annual	•	Must prepare inancial report and directors’ report. However,
		revenue or annual consolidated		directors’ report is less detailed than that required of other
		revenue of less than $1 million		companies;
			•	May opt to have inancial report reviewed rather than audited.
				Option to review does not apply to a Commonwealth company,
				or a subsidiary of a Commonwealth company or Commonwealth
				authority.
			•	Must give reports to any member who elects to receive them
			•	Must lodge with ASIC
	Tier 3	LMGT company with annual	•	Must prepare inancial report and directors’ report. However,
		revenue or annual consolidated		directors’ report is less detailed than that required of other
		revenue of $1 million or more.		companies;
			•	Must have inancial report audited
			•	Must give reports to any member who elects to receive them
			•	Must lodge with ASIC

Review of inancial report

A Tier 2 LMGT company that chooses to have their inancial report reviewed instead of audited may have the inancial report reviewed by:

•their appointed auditor; or

•by a person who is a member of a professional accounting body and who holds a practising certiicate issued by:

–The Institute of Chartered Accountants in Australia;

–CPA Australia; or

–Institute of Public Accountants.

The requirements for a review of a inancial report of a Tier 2 LMGT company are outlined in Auditing Standard ASRE2415 Review of a Financial Report – Company Limited by Guarantee. A copy of the standard is available from the Auditing and Assurance Standards Board website at www.auasb.gov.au.

A copy of the signed review report must be lodged with the inancial report.

How to provide additional information

Photocopied Form 388 pages

If there is insuficient space in any section of the form, you may photocopy the relevant page(s) and submit as part of this lodgement.

Annexures

If there is insuficient space in any section of the form, you may alternately submit annexures as part of this lodgement.

To make any annexure conform to the regulations, you must

1.use A4 size paper of white or light pastel colour with a margin of at least 10mm on all sides

2.show the company name and ACN or ARBN

3.number the pages consecutively

4.print or type in BLOCK letters in dark blue or black ink so that the document is clearly legible when photocopied

5.mark the annexure with an identifying letter or symbol eg a,b,c or 1,2,3 etc.

6.endorse the annexure with the words:

This annexure (mark) of (number) pages referred to in form (form number and title) 7. sign and date the annexure

The annexure must be signed by the same person(s) who signed the form.

Privacy

The information provided to ASIC in this form may include personal information. Please refer to our privacy policy (www.asic.gov.au/privacy) for information about how we handle your personal information, your rights to seek access to and correct personal information, and to complain about breaches of your privacy.

Lodgement

For more information

Webwww.asic.gov.au

Need help? www.asic.gov.au/question Telephone 1300 300 630