HOW TO GET READY FOR ASRS - AUSTRALIA

STEP 1 CHECK YOUR OBLIGATIONS

Whether you are domiciled locally or are a multi-national company, the natural first step is to review your Australian entity’s structure and reporting boundaries to see where you fit within the applicable thresholds. This will determine which, if any, reporting group you belong to and will help you understand the timelines for data collection and reporting and, crucially, the expected lodgement deadlines. Where there is uncertainty, you should consult with your legal team and seek board acknowledgement. Once you confirm which group applies to you, it is time to raise organisational visibility about what’s to come. Depending on the complexity of your organisation, meeting ASRS obligations will need consultation, cooperation and input from multiple business functions. Engaging, informing and educating leadership and relevant stakeholders in the early stages of the process will establish a constructive starting point.