COVID-19 information for small business
For information and support, visit:
If you are operating or are planning to operate a small business as a registered company or under a registered business name, this content is for you.
ASIC assists small business as we regulate all companies, financial markets and providers of financial services and consumer credit in Australia and manage the registration of business names.
A small business is defined differently by different regulators and laws.
ASIC administers the Corporations Act 2001 and this defines a ‘small proprietary company’. From financial years commencing on or after 1 July 2019, a ‘small proprietary company’ is defined as ‘small’ for a financial year if it satisfies at least two of the below criteria:
- an annual revenue of less than $50 million
- less than 100 employees at the end of the financial year, and/or
- consolidated gross assets of less than $25 million at the end of the financial year.
For financial years commencing before 30 June 2019, a proprietary company is defined as ‘small’ if it satisfies at least two of the below criteria:
- an annual revenue of less than $25 million
- less than 50 employees at the end of the financial year, and/or
- consolidated gross assets of less than $12.5 million at the end of the financial year.
For taxation purposes, the Australian Taxation Office defines a small business entitiy as having less than $10 million aggregated turnover.
For employment purposes, Fair Work Australia defines a small business as one that has less than 15 employees.
Many regulators use the Australian Bureau of Statistics (ABS) definition which is a business that employs fewer than 20 people.
Small businesses deal with ASIC when they:
If ASIC finds people or organisations have broken the law we have the power to ban or disqualify company directors, ban individuals from the financial services and credit industries and take civil or criminal action against companies or company officers. Find out more about ASIC’s role.
Read our Small Business Strategy 2017-2020 (PDF 177KB) to find out how ASIC assists small business.
Supporting the small business community
ASIC’s Warren Day talks about ASIC’s role in small business, choosing the right business structure and the common mistakes directors make.
Listen to the podcast on the Smallbizmatters website.
To start a small business, you will need to decide on the structure that best suits you; this could be a business name or a company. If you decide to register a company, you will also need to appoint company directors and officeholders and find out how to meet your legal requirements.
Find out more about how to start a small business.
ASIC’s small business booklet, available in English, Arabic, Simplified Chinese or Vietnamese, provides a handy summary of what you need to know if you operate or are planning to operate a small business as a registered company or under a registered business name.
Find out about running a small business.
ASIC Commissioner John Price, alongside other key government regulators, discusses what help is available at the different stages of running a small business.
Find out how you can manage business risks once your business is up and running, your rights and protections, and how to sort out any disputes with other businesses and recover bad debts.
Find out how to protect your small business.
If your business has stopped trading you should deregister your company and cancel your business name. This will mean you won’t have to pay annual fees or keep your details updated with ASIC.
Read our guidance on closing a small business.
If you are setting up a not-for-profit or a charitable Indigenous organisation that is a company limited by guarantee we have some useful guidance. We explain your company obligations, the rights of company directors and members and how to resolve disputes.
Find out more about Indigenous corporations.