Treasury Laws Amendment (2022 Measures No. 1) Act 2022 (35 of 2022)

Schedule 4   Minor and technical amendments

Part 7   Financial reporting obligations

Corporations Act 2001

4   In the appropriate position in Chapter 10

Insert:

Part 10.63 - Application provisions relating to Part 7 of Schedule 4 to the Treasury Laws Amendment (2022 Measures No. 1) Act 2022

1693 Definitions

In this Part:

amending Part means Part 7 of Schedule 4 to the Treasury Laws Amendment (2022 Measures No. 1) Act 2022.

commencement day means the day the amending Part commences.

1693A Application provision

(1) This section applies to a company if, immediately before the commencement day, the company was exempted from complying with subsection 319(1) of this Act by the ASIC Corporations (Exempt Proprietary Companies) Instrument 2015/840.

(2) Despite the repeals made by the amending Part, that exemption continues to apply to the company in relation to a financial year that ends before the commencement day.

1693B Instruments that provide relief from requirements of this Act - Lodgement of annual reports by large proprietary companies

(1) Despite anything contained in this Act, ASIC may not make a legislative instrument, however described, if that legislative instrument would have the effect of relieving the class of companies referred to in subsection (2) of the requirement to comply with subsection 319(1) of this Act for a financial year.

(2) The class of companies is the class of large proprietary companies that was relieved from the requirement to comply with subsection 319(1) of this Act by the ASIC Corporations (Exempt Proprietary Companies) Instrument 2015/840 as in force immediately before the commencement day.