Document ID: chunk:federal_register_of_legislation:F2016L01926:clause:13_1623
Version: federal_register_of_legislation:F2016L01926
Segment Type: clause
Provision Reference: sch 13 cl 1623
Character Range: 34235–35813

1623  Transitional rules for controller returns
 (1) Section 422A, as inserted by Schedule 2 to the Insolvency Law Reform Act 2016, applies in relation to a person if the person first began to be a controller of the property of a corporation on or after 1 September 2017.
 (2) Section 422A, as inserted by Schedule 2 to the Insolvency Law Reform Act 2016, also applies in relation to a person if the person first began to be the controller of the property of a corporation before 1 September 2017 as if the reference in that section to a control return year for the controller were a reference to:
 (a) the first full year starting on or after 1 September 2017 that is an anniversary of when the person first began to be the controller of the property of a corporation; and
 (b) each subsequent period of 12 months.
 (3) Despite the repeal of subsections 432(1) and (1A) of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016, those subsections continue to apply, in relation to a controller of a corporation appointed before 1 September 2017:
 (a) if the end of the 6‑month period referred to in paragraph 432(1)(a) occurs before 1 March 2018—in relation to that period; and
 (b) if the end of that period is not an anniversary of the administrator's appointment—in relation to the subsequent 6‑month period.
 (4) To avoid doubt, despite the repeal of subsections 432(1) and (1A) of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016, audits may be continued in relation to accounts lodged under those provisions as if the old Act continued to apply.