Document ID: chunk:federal_register_of_legislation:C2016A00011:clause:2_1592
Version: federal_register_of_legislation:C2016A00011
Segment Type: clause
Provision Reference: sch 2 cl 1592
Character Range: 515498–516660

1592  Accounts and administration returns

Administration returns for 2017‑18 and later years
 (1) Sections 70‑5 and 70‑6 of the Insolvency Practice Schedule (Corporations) apply in relation to the financial year starting on 1 July 2017 and later financial years.

Accounts under old Act
 (2) Subsection (3) of this section applies in relation to the repeal of each of the following sections of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016:
 (a) 438E;
 (b) 445J;
 (c) 539.
 (3) To the extent that a repealed section relates to a period for which an account or statement must be lodged:
 (a) the repeal of the section applies in relation to periods starting on or after 1 July 2017; and
 (b) the section applies in relation to periods starting before 1 July 2017 and ending after that day as if the period ends on 30 June 2017.

Continuation of audits under old Act
 (4) For the avoidance of doubt, despite the repeal of a section mentioned in subsection (2) by Schedule 2 to the Insolvency Law Reform Act 2016, audits may be continued under that section in relation to accounts lodged under that section as if the old Act continued to apply.