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Treasury Laws Amendment (2020 Measures No. 4) Bill 2020

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1087

2019-2020

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

Treasury Laws Amendment (2020 Measures No. 4) Bill 2020

 

(1)     Clause 2, page 2 (at the end of the table), add:

 

4.  Schedule 5

The day after this Act receives the Royal Assent

 

[commencement]

(2)     Page 7 (after line 26), at the end of the Bill, add:

Schedule 5—Financial reporting obligations for large proprietary companies

Part 1—Repeal of instrument

ASIC Corporations (Exempt Proprietary Companies) Instrument 2015/840

1  The whole of the instrument

Repeal the instrument.

Part 2—Grandfathered exemption

Corporations Act 2001

2  Subsection 1408(6) (table item 7)

Repeal the table item.

Part 3—Application

3  Application

(1)       This item applies to a company if, immediately before the commencement of this item, the company was exempted from complying with subsection 319(1) of the Corporations Act 2001 by the ASIC Corporations (Exempt Proprietary Companies ) Instrument 2015/840 .

(2)       Despite the amendments made by Parts 1 and 2, that exemption continues to apply to the company in relation to the 2020-21 financial year.

4  Instruments that provide relief from requirements of Corporations Act—Lodgement of annual reports by large proprietary companies

(1)       Despite anything contained in the Corporations Act 2001 , ASIC may not make a legislative instrument, however described, if that legislative instrument would have the effect of relieving the class of companies referred to in subitem (2) of the requirement to comply with subsection 319(1) of the Act for a financial year.

(2)       The class of companies is the class of large proprietary companies that was relieved from the requirement to comply with subsection 319(1) of the Corporations Act 2001 due to the operation of the ASIC Corporations (Exempt Proprietary Companies) Instrument 2015/840 as in force immediately before the commencement of this Schedule.

[exemptions for large proprietary companies]