Document ID: chunk:federal_register_of_legislation:F2022C01149:body:0:p5
Version: federal_register_of_legislation:F2022C01149
Segment Type: other
Provision Reference: 
Character Range: 10411–13324

of its closely-held subsidiaries which is also a party to the deed.
       incorporated in relation to a country includes incorporated in part of the country.
       Law means in relation to a company, the former Corporations Law of the State or Territory under which the company was registered immediately before the commencement of the Act; and includes a separate reference to the former Corporations Law of each other State and Territory.
       notice of disposal means, in relation to a deed of cross guarantee, a notice of disposal contemplated by the deed of cross guarantee.
       previous order means any one of Australian Securities Commission Class Orders [CO 91/996], [CO 92/770], [CO 93/1370], [CO 94/1862], [CO 95/1530] or [CO 96/153] or ASIC Class Order [CO 98/1418].
       relevant financial year: see subsection 5(1).
       relevant holding entity financial year: see paragraph 6(1)(d).
       reporting entity has the same meaning as in Accounting Standard AASB 1057 Application of Australian Accounting Standards.
       revocation deed means, in relation to a deed of cross guarantee, a Revocation Deed contemplated by the deed of cross guarantee.
       wholly-owned entities in relation to a holding entity collectively means companies and foreign companies:
           (a)  all of which are controlled by the holding entity; and
           (b) all of which are closely-held subsidiaries of the holding entity; and
           (c) all of which are parties to the deed of cross guarantee;
       but does not include an entity which:
           (d) holds office as trustee or alternative trustee under the deed of cross guarantee; and
           (e) is not a Group Entity (within the meaning of that deed).

Part 2—Order

5 Financial reporting relief for wholly-owned entities
(1) A company that was party to a deed of cross guarantee at the end of a financial year (relevant financial year) does not have to comply with any of the following requirements of Part 2M.3 of the Act in relation to the financial year:
           (a) the requirement to prepare a financial report and a directors' report under paragraphs 292(1)(b) and (c) and paragraph 292(2)(b);
           (b) the requirement to have the financial report audited and to obtain an auditor's report under subsection 301(1);
           (c) the requirement to report to its members under section 314 within the time required by section 315;
           (d)     the requirement to send reports to a member in accordance with a request under subsection 316(1) within the time required by subsection 316(2).
           Note:  The requirement for a company to lodge a report with ASIC under section 319 of the Act will not apply if the company does not have to prepare or obtain the report: subsection 319(1).
(2) The directors of a company referred to in subsection (1) do not have to comply with the requirement under section 317 to