Document ID: chunk:federal_register_of_legislation:F2021C01163:body:0:p8
Version: federal_register_of_legislation:F2021C01163
Segment Type: other
Provision Reference: 
Character Range: 18134–20859

may contain a modified opinion within the meaning of paragraph 5(b) of Auditing Standard ASA 705 Modifications to the Opinion in the Independent Auditor's Report, and there are no material disagreements or unresolved issues as between the company and any such auditor in relation to accounting treatments or amounts that may appear in the financial report of the company for the relevant financial year;
Compliance with conditions
(w) the company has complied with each of the following as they apply to the company:
           (i) the conditions in section 7; and
           (ii) the condition in paragraph (fa) of ASIC Class Order [CO 98/1417] (as continued in force by section 9).

7 Conditions
Ceasing to rely on relief
(1)  If a company:
           (a) relies on the relief available under subsection 5(1) in respect of a financial year; and
           (b) does not rely on that relief in respect of the immediately following financial year (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 396 as at the date of this instrument.
(2)  A notice required under subsection (1) must be lodged during the period commencing 3 months before the commencement of the first non-reliance year and ending 4 months after the end of the first non-reliance year.
Requests for management accounts
(3) If:
           (a) a member or a person who is owed approved subordinated debt requests, in writing, a copy of the management accounts mentioned in paragraphs 6(k), (m) or (n) or a copy of the directors' resolution mentioned in paragraph 6(l) for a quarter specified in the request; and
           (b)  the request is made within 7 years after the end of the quarter to which the management accounts or directors' resolution relates;
the company must make a copy of the management accounts or the resolution (as the case may be) available to that person, free of charge, at the company's registered office or by sending these documents by pre-paid ordinary post:
           (c) within 14 days after receiving the request or 14 days after the resolution is passed, whichever is later; or
           (d) by a later time if ASIC has given the company written notice approving that time.

Part 3—Savings and transitional

8 Application of Part 2
Part 2 applies in relation to a financial year that ends on or after 1 January 2017.

9 Application of ASIC Class Order [CO 98/1417]
ASIC Class Order [CO 98/1417] continues to apply, despite its repeal, in relation to a financial year ending before 1 January 2017, provided that the condition in paragraph (fa) of the class order applies as if "or ASIC Corporations