Corporations Regulations 2001
(regulation 2M.6.05)
2 Money owed - deposit account 2(1)Subclause (2) applies in relation to audit activity in relation to a financial year that ends on or after the commencement of this Schedule.
2(2)
The operation of Chapter 2M of the Act is modified by omitting subsection 324CH(6) of the Act (including the subheading) and substituting the following subheading and subsection:
Loans by immediate family members and amounts on call
(6)
For the purposes of item 16 of the table in subsection (1):
(a) disregard a debt owed to a person by a body corporate or entity if:
(i) the item applies to the person because the person is an immediate family member of:
(A) a professional member of the audit team conducting the audit of the audited body; or
(B) a non-audit services provider; and
(ii) the debt is incurred in the ordinary course of business of the body corporate or entity; and
(b) disregard an amount owed to the person or firm by the audited body, a related body corporate or an entity that the audited body controls if:
(i) the body, body corporate or entity is an Australian ADI; and
(ii) the amount is in a basic deposit product provided by the body, body corporate or entity; and
(iii) the amount was deposited in the ordinary course of the business of the audited body, body corporate or entity, and on the terms and conditions that normally apply to basic deposit products provided by the body, body corporate or entity.
View history note
Hide history note
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
