ASIC Corporations (Amendment) Instrument 2021/868
I, Douglas Niven, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.
Date 27 October 2021
Part 1—Preliminary
1 Name of legislative instrument
This is the ASIC Corporations (Amendment) Instrument 2021/868.
2 Commencement
This instrument commences on the day after it is registered on the Federal Register of Legislation.
Note: The register may be accessed at www.legislation.gov.au.
3 Authority
This instrument is made under subsections 88B(2) and 341(1) of the Corporations Act 2001.
4 Schedules
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
Schedule 1—Amendments
ASIC Corporations (Non-Reporting Entities) Instrument 2015
1 Section 1
After “2015”, insert “/841”.
2 Section 4 (definition of reporting entity)
Omit the definition, substitute:
reporting entity has the same meaning as in Accounting Standard AASB 1057 Application of Australian Accounting Standards.
ASIC Corporations (Audit Relief) Instrument 2016/784
3 Section 4 (definition of prescribed accountant, subparagraph (b)(i))
Omit ““CA”, “ACA” or “FACA””, substitute ““CA” or “FCA””.
ASIC Corporations (Wholly-owned Companies) Instrument 2016/785
4 Section 4 (definition of reporting entity)
Omit “AASB 1053 Application of Tiers of Australian Accounting Standards.”, substitute “AASB 1057 Application of Australian Accounting Standards.”.
ASIC Corporations (Qualified Accountant) Instrument 2016/786
5 Subparagraph 5(b)(i)
Omit “, “ACA””.
ASIC Corporations (Extended Reporting and Lodgment Deadlines—Unlisted Entities) Instrument 2020/395
6 After subsection 5(1)
Insert:
(1A) A company limited by guarantee is relieved from subsection 316A(3) of the Act for a financial year that ends between 23 June 2021 and 7 July 2021 (both inclusive) where it reports to members under section 316A of the Act by the earlier of:
(a) 21 days before the next AGM after the end of the financial year;
(b) 5 months after the end of the financial year.
(1B) A small company limited by guarantee that has been given a member direction under section 294A of the Act after the end of the financial year is relieved from subsection 316A(4) of the Act for a financial year that ends between 23 June 2021 and 7 July 2021 (both inclusive) where it reports to members under section 316A of the Act by the later of:
(a) 2 months after the date on which the direction was given;
(b) 5 months after the end of the financial year.