Document ID: chunk:federal_register_of_legislation:F2017L00307:body:0:p4
Version: federal_register_of_legislation:F2017L00307
Segment Type: other
Provision Reference: 
Character Range: 8043–10916

the foreign company or in the foreign company's constitution as required by that law; and
(ii) no less strict than those in that section;
           (c)              the foreign company is not required by the law in its place of origin to prepare any of the following:
              (i)              a balance sheet at the end of its last financial year;
              (ii)           a profit and loss statement for its last financial year;
              (iii)         a cash flow statement for its last financial year;
           (d)              the foreign company has not been a disclosing entity, borrower in relation to a debenture or guarantor of such a borrower at any time during the calendar year;
           (e)              the foreign company satisfies at least 2 of the paragraphs in subsection 45A(2) (small proprietary companies) of the Act in relation to its last financial year;
           (f)               either of the following applies:
              (i)     the foreign company is not part of a group which is a large group in relation to its most recent financial year; or
              (ii)     the foreign company was consolidated in financial statements which:
                  (A)        cover the whole of that financial year; and
                  (B)       were lodged with ASIC by a company, registered foreign company, registered scheme or disclosing entity which controlled the foreign company for the whole of that financial year (or by two or more such entities which controlled the foreign company at different times during that financial year provided that at any time during the financial year the foreign company was controlled by at least one of those entities).
Where declaration applies
(3) The declaration in subsection (1) applies in relation to a foreign company where ASIC has:
           (a)          not notified the foreign company in writing that it may not rely on subsection (1) or may not rely on that subsection for the relevant calendar year; or
           (b)          notified the foreign company in writing that it may not rely on subsection (1) or may not rely on that subsection for the relevant calendar year but has subsequently revoked or varied in writing that notice so that it does not cover the relevant calendar year.

Part 4—Transitional

7 Application of this instrument and ASIC Class Order [CO 98/98]

       (1)          Subparagraph 5(2)(c)(i) does not apply in relation to a Company for a relevant financial year where the Company relied on the relief in ASIC Class Order [CO 98/98] for the financial year immediately preceding the relevant financial year.

       (2)          A Company to which subsection 7(1) applies is taken to have relied on the relief in subsection 5(1) for the purposes of subparagraph 5(2)(c)(i) for the financial year immediately following the relevant financial year.