Document ID: chunk:federal_register_of_legislation:F2022C01149:body:0:p13
Version: federal_register_of_legislation:F2022C01149
Segment Type: other
Provision Reference: 
Character Range: 30416–33133

subparagraph (v)(ii)) will be able to meet any liabilities to which they are, or may become, subject because of the deed of cross guarantee:
(i) the directors' declaration of the holding entity for the relevant financial year (including a directors' declaration prepared because of subparagraph (t)(i));
(ii) the document required by subparagraph (s)(iii);
(iii) the document required by sub-subparagraph (t)(iv)(B);
    Auditor of the holding entity
(x) if the holding entity's financial report is required to be audited, the auditor of the holding entity is satisfied by the relevant time that paragraph (r), subparagraphs (s)(i) and (t)(i) to (iii) and paragraphs (u), (v) and (w) (as applicable) have been complied with;
Compliance with conditions
(y) the company has complied with each of the following as they apply to the company:
(i) the conditions in section 7; and
(ii) the conditions in paragraphs (ka) and (u) of the first order of ASIC Class Order [CO 98/1418] (as continued in force by section 13).
(2) In this section, relevant time means, in relation to a relevant financial year, 4 months after the end of the year (or, for a financial year that ends between 31 December 2019 and 7 January 2021 (both inclusive) or between 23 June 2021 and 7 July 2021 (both inclusive) or between 24 December 2021 and 7 January 2022 (both inclusive) or between 24 June 2022 and 7 July 2022 (both inclusive), 5 months after the end of the year).

7 Conditions
Opt-out notice
(1) If a company:
           (a) relies on the relief available under subsection 5(1) in relation to a financial year; and
           (b) does not rely on the relief  in respect of the immediately following financial year (first non-reliance year); and
           (c) does not lodge an annual financial report prepared under Chapter 2M of the Act for the first non-reliance year;
the company must lodge with ASIC a notice signed by a director or company secretary that the company has ceased to rely on the relief using ASIC Form 399 as at the date of this instrument.
(2)  A notice required under subsection (1) must be lodged no later than 4 months after the end of the first non-reliance year.
Ceasing to be a wholly-owned entity
(3) If a company:
           (a) relies on the relief available under subsection 5(1) in relation to a relevant financial year; and
           (b) ceases to be a wholly-owned entity of the holding company;
the company must, within 2 months of so ceasing, prepare a financial report and directors' report for the financial year and lodge those documents with ASIC unless:
           (c) within one month of so ceasing, the company becomes a party to another deed of cross guarantee and (after making reasonable