Will this answer be different if it’s a sole trader, partnership, company or trust?
Preparing financial statements is voluntary if you are either a Sole Trader or Partnership but they do help you keep track of your business financials.
Preparing financial statements is mandatory if:
- You are a listed or public company
- Your revenue is greater than $250k
- You are a large proprietary company – your revenue is greater than $50mill, your gross assets are greater than $25mill and you have more than 100 employees
- You are a foreign-controlled small proprietary company
- Registered managed investment schemes