Document ID: chunk:federal_register_of_legislation:C2008A00084:clause:1_6
Version: federal_register_of_legislation:C2008A00084
Segment Type: clause
Provision Reference: sch 1 cl 6
Character Range: 6397–7741

6  Subsection 12(2)
Repeal the subsection, substitute:

 (2) However, a controlling corporation is not required to make an application under subsection (1) in relation to a financial year if:
 (a) the corporation has previously made an application under subsection (1) or (3); and
 (b) the corporation was registered under Division 3 because of that application; and
 (c) the corporation is registered under Division 3 at the end of that year.

Example: A controlling corporation's trigger year is the financial year ending on 30 June 2009.

During that year, the corporation applies under subsection (1) to be registered under Division 3 and the corporation is so registered.

On 30 June 2010 the corporation is still registered under Division 3. The corporation is not required to make an application under subsection (1) in relation to the financial year ending on 30 June 2010.

 (3) A controlling corporation may apply, in accordance with this section, to be registered under Division 3 if the chief executive officer of the corporation is satisfied that the corporation's group is likely to meet one or more of the thresholds under section 13 for a financial year (the trigger year) ending on or after 30 June 2009.

 (4) An application under subsection (1) or (3) must be made by 31 August in the financial year after the trigger year.