Document ID: chunk:federal_register_of_legislation:F2022C01149:body:0:p6
Version: federal_register_of_legislation:F2022C01149
Segment Type: other
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Character Range: 13104–15755

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 lay reports before the AGM of the company following the relevant financial year.

6 Where financial reporting relief applies
(1) The relief in section 5 is available to a company and its directors in relation to a relevant financial year where all of the following are satisfied:
Nature of company
(a) the company was:
(i) a public company for the relevant financial year; or
(ii) a large proprietary company for the relevant financial year; or
(iii) a small proprietary company to which paragraph 292(2)(b) of the Act applies in relation to the relevant financial year at the relevant time;
(b) the company was not, at any time during the relevant financial year, any of the following:
(i) a disclosing entity;
(ii) a borrower in relation to debentures;
(iii) the guarantor of such a borrower;
(iv) a financial services licensee;
Holding entity
(c) there was a holding entity in relation to the company at the end of the relevant financial year;
              Note: This requires that the holding entity was party to the deed of cross guarantee at the end of the relevant financial year: see definition of holding entity in section 4.
(d) the relevant financial year and the financial year (relevant holding entity financial year) of the holding entity ended on the same date;
(e) the holding entity was not a small proprietary company for the relevant holding entity financial year;
       Opt-in notice
(f) if:
(i) the company did not rely on the relief available under this instrument or ASIC Class Order [CO 98/1418] in respect of the financial year before the relevant financial year; or
(ii)  the holding entity of the company was not the same for the relevant financial year and the financial year before;
 the company has lodged by the relevant time a notice signed by a director or secretary with ASIC using ASIC Form 389 as at the date of this instrument, containing a statement that the company has taken advantage of relief under this instrument together with the identity of the holding entity;
Initial procedures in applying for relief
(g)  before the end of the first financial year (first reliance year) in respect of which the company took advantage of relief under this instrument or a previous order (being a financial year at the end of which the company was one of the wholly-owned entities of the holding entity):
(i)  the directors of the company resolved that the company should obtain the benefit of this