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3.20 Audited accounts will no longer be required
for dormant companies, and for exempt private
companies with small annual turnovers. This will
reduce compliance costs for small businesses,
leaving them to decide whether they need audited
accounts. The annual turnover threshold for exempt
private companies will initially be set at $2.5
million, and will be raised to $5 million after
one year. I have decided to make this change in
two steps after taking in feedback from both companies
and audit firms.
3.21 The legislative changes to the Companies
Act will be made soon.
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