Document ID: chunk:federal_register_of_legislation:F2021C01163:body:0:p6
Version: federal_register_of_legislation:F2021C01163
Segment Type: other
Provision Reference: 
Character Range: 12730–15738

time a resolution is made in accordance with paragraph (l), the total consolidated liabilities did not exceed 70% of the total consolidated tangible assets;
(n) if, at the end of any quarter during the relevant financial year, the company is a party to any deed of cross guarantee for the purposes of relief to its wholly-owned entities under ASIC Corporations (Wholly-owned Companies) Instrument 2016/785, the directors have resolved that, at the end of any such quarter and at the time the resolution is made in accordance with paragraph (l), the total consolidated liabilities did not exceed 70% of the total consolidated tangible assets in respect of:
           (i) if the company prepares management accounts on a consolidated basis covering those (and only those) entities comprising the closed group—those entities; and
           (ii)  if the company prepares management accounts on a consolidated basis covering those (and only those) entities comprising the extended closed group—those entities;
Annual financial requirements
(o) at the time the directors' declaration was made under subsections 295(4) and (5) of the Act for the relevant financial year, the directors considered:
           (i) the financial report of the company for the relevant financial year (including any consolidated financial statements required by accounting standards); and
           (ii) all information that has become available since the end of the relevant financial year about the company's affairs, which is material to the assessment of the financial report of the company, and, where relevant, the assessment of the consolidated financial statements;
and, having regard to this information, the directors resolved that, at the end of the relevant financial year and at the time the resolution was made:
           (iii) the total liabilities of the company did not exceed 70% of total tangible assets of the company;
           (iv) if relevant, the total consolidated liabilities did not exceed 70% of the total consolidated tangible assets for the company and its controlled entities; and
           (v) if the company is a party to any deed of cross guarantee for the purposes of relief to its wholly-owned entities under ASIC Corporations (Wholly-owned Companies) Instrument 2016/785, the total consolidated liabilities did not exceed 70% of total consolidated tangible assets in respect of:
(A)  those (and only those) entities comprising the closed group; and
(B) those (and only those) entities comprising the extended closed group;
(p) for either the relevant financial year or the financial year immediately preceding the relevant financial year, the company made a profit after related income tax expense on the following bases:
           (i) a single entity basis;
           (ii) if the company is a party to any deed of cross guarantee for the purposes of relief to its wholly-owned entities under ASIC Corporations (Wholly-owned Companies) Instrument 2016/785, on a consolidated basis separately