Administrative relief for late lodgment with ASIC
We will accept you have satisfied your GPFS obligation if you have lodged a GPFS with ASIC after the time provided in subsection 319(3) of the Corporations Act, but before the due date for lodgment of your income tax return.
This relief also applies to foreign entities where they are required to prepare and lodge financial statements under subsections 601CK(5), 601CK(5A) or 601CK(6) of the Corporations Act.
Approach to government-related entities
Government-related entities that are tax exempt are not required to lodge a GPFS if they don't lodge an income tax return or are subject to the National Tax Equivalent Regime.
Government-related entities as defined by A New Tax System (Goods and Services Tax) Act 1999 can be excluded from the requirement to provide a GPFS. This is only if the Commissioner gives them a notice in writing stipulating that section 3CA does not apply to them for one or more of the applicable income years. The Commissioner, in reaching this decision, will consider if it is appropriate to do so upon receiving a request. Government-related entities can request that the Commissioner consider their circumstances by writing to GPFS@ato.gov.au.