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As a listed company, public company or large proprietary company, you are required to lodge annual financial reports with ASIC for each of your entities, even if that entity has not made a profit nor traded during the financial year.
Section 319 of the Corporations Act 2001 requires that a disclosing entity or registered scheme must lodge these financial reports within three months of the end of financial year. All other companies must lodge their financial reports within four months of the end of financial year.
But did you know that as a controlling entity, if you complete a Deed of Cross Guarantee and satisfy ASIC requirements, you many only need to prepare one report rather than a report for each wholly owned subsidiary (that would otherwise need to report to ASIC separately).
Importantly, this Deed must be completed and lodged with ASIC by 30 June 2008.
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