Sorry, Proprietary Companies

After a 15 month marathon, Australia's battered and bruised crowdfunding legislation dodged a DNF and passed the Senate yesterday as a late finisher.

A remarkable feat, depending on your view, considering the bill was missing a leg from the start. Something the Treasurer hopes to fix later on by making the scheme available to proprietary companies, that make up some 99% of Aussie companies:

"The government has asked Treasury to develop a framework for proprietary companies as a key priority, and I would expect that extension of the framework will be introduced through subsequent legislation in the near future."

But for now, it's only for public companies and those Pty Ltds that care to convert themselves and take advantage of a five year grace period from continuous disclosure, AGMs, auditing accounts and providing paper annual reports.

Don't get me started on the five day cooling off period...

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