Australian Securities and Investments Commission Corporations (Amendment) Instrument 2021/868 (Cth)

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

Douglas Niven

Contents

Part 1—Preliminary

1    Name of legislative instrument

2    Commencement

3    Authority

4    Schedules

Schedule 1—Amendments

ASIC Corporations (Non-Reporting Entities) Instrument 2015

ASIC Corporations (Audit Relief) Instrument 2016/784

ASIC Corporations (Wholly-owned Companies) Instrument 2016/785

ASIC Corporations (Qualified Accountant) Instrument 2016/786

ASIC Corporations (Extended Reporting and Lodgment Deadlines—Unlisted Entities) Instrument 2020/395

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 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Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.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.