Financial Reporting

It is very important in Australia to make sure your business keeps adequate up to date financial records, to allow reporting of the financial affairs of your business in a timely correct manner to the relevant Government Departments.

Wherever you are in Australia the same reporting standards apply across all Australian states and territories.

Financial reporting requirements

The Australian Securities and Investments Commission (ASIC) is Australia’s corporate, financial markets and financial services regulator.

Companies & Trusts operating in Australia are required to prepare financial statements each year, as well as tax returns which are to be lodged with the Australian Taxation Office (ATO).