Document ID: chunk:federal_register_of_legislation:F2017L00307:body:0:p2
Version: federal_register_of_legislation:F2017L00307
Segment Type: other
Provision Reference: 
Character Range: 2895–5738

which at the same time controls the entity; and
              (ii) incorporated or formed in Australia or carries on business in Australia during that part of the financial year when it is controlled by the same foreign company as controls the entity;
           (c)              any entity which is controlled at any time during, or at the end of, the financial year by the entity;
           (d)  any entity which is controlled by a corresponding entity during that part of the financial year when the corresponding entity is controlled by the same foreign company as controls the entity.
       large group means a group which, for a financial year, satisfies at least 2 of the following paragraphs:
           (a)              the combined revenue of the group for the financial year is $25 million, or any other amount prescribed for the purposes of paragraph 45A(2)(a) of the Act, or more;
           (b)              the combined value of gross assets of the group at the end of the financial year is $12.5 million, or any other amount prescribed for the purposes of paragraph 45A(2)(b) of the Act, or more;
           (c)             the group has 50, or any other number prescribed for the purposes of paragraph 45A(2)(c) of the Act, or more employees (part-time employees being counted as an appropriate fraction of a full-time equivalent) at the end of the financial year.

Part 2—Order

5 Relief from the requirement to prepare and lodge an audited financial report

Relief
(1) A small proprietary company (the Company) which is controlled by a foreign company for all or part of a financial year (the relevant financial year) does not have to comply with Part 2M.3 of the Act as it applies because of paragraph 292(2)(b) of the Act in relation to the relevant financial year.
 Where relief applies
(2) The relief in subsection (1) may be relied on where all of the following apply:
           (a)              the Company is not part of a group controlled by a foreign company which is a large group for the relevant financial year;
           (b)              the directors of the Company have resolved, no earlier than 3 months before the start of the relevant financial year, that the relief in subsection (1) be relied on in respect of the relevant financial year;
           (c)              one of the following applies:
              (i)              the Company relied on the relief in subsection (1) in respect of the financial year immediately before the relevant financial year; or
              (ii)   notice of the resolution mentioned in paragraph (b) signed by a director or company secretary is lodged with ASIC using Form 384 during the period commencing 3 months before the commencement of the relevant financial year and ending 4 months after the end of the relevant financial year; or
              (iii) both