Hi all,
My first time asking question on ATO community…thanks in advance for those taking time to reply!
My partner and I started an ASIC-registered investing company (Pty Ltd) in July 2023. The business was set up to invest in US shares and trade US derivatives (options). I’m preparing for the company tax return now.
I’ve done some research so far, and found that our company meets the definition of a ‘small proprietary company’ under the Corporations Act s292 and is NOT required to lodge financial statements unless direct by any shareholder or direct by ASIC to do so.
My question is - is it a requirement to have a company financial statements when lodging our company tax return with the ATO? We keep detailed financial records of our investments and trade income/losses of the year, so I don’t think it would be much of a problem working out the numbers for the company tax return. But I can’t seem to find the legislation explaining whether it is legally required to prepare a financial statement for a ‘small proprietary company’ under the tax law.
Some guidance would be appreciated! Many thanks in advance :)
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