This instrument is made under subsection 341(1) of the Corporations Act 2001.
4 Simplified outline of this instrument
This instrument sets out an exemption from the financial reporting requirements under Part 2M.3 of the Act for a registered scheme that is related to other registered schemes.Subject to meeting various requirements, the exemption allows such a registered scheme and its directors to include:(a) in the financial report or concise report of the registered scheme— the single entity or consolidated financial statements of its related schemes; and(b) in the directors’ report of the registered scheme—the directors’ reports of its related schemes.Where the exemption is relied on in relation to a concise report, the concise report may omit the single entity report for the registered scheme provided that it includes consolidated financial statements for the scheme.
5 Definitions
(1) In this instrument:
Act means Corporations Act 2001.
director means, in relation to a registered scheme, a director (as defined in section 9 of the Act) of the responsible entity of the scheme.
(2) A registered scheme is related to another registered scheme if:
(a) the schemes have the same responsible entity; or
(b) the responsible entities of the schemes are wholly beneficially owned by the same entity.
(3) A period is of the same kind as another period if:
(a) both of the periods are financial years; or
(b) both of the periods are half-years.
Part 2—Order
6 Relief enabling one financial report for related schemes
Relief
(1) A registered scheme (the relevant scheme) and its directors do not have to comply with Part 2M.3 of the Act to the extent that that Part prevents:
(a) the financial report for a financial year (the relevant period) or half year (the relevant period) or concise report for a financial year:
(i) including the single entity or consolidated financial statements, notes to those statements, directors’ report and directors’ declaration of one or more registered schemes (each an included scheme) that are related to the relevant scheme; and
(ii) in the case of a concise report—omitting the single entity report for the relevant scheme; and
(b) the directors’ report of the relevant scheme including the directors’ report of related schemes.
Where the relief applies
(2) The relief in subparagraph (1)(a)(i) and paragraph (1)(b) is available where all of the following apply:
(a) each financial report of an included scheme is:
(i) a financial report for:
(A) the relevant period; or
(B) another period of the same kind that ends no more than 6 months before or after the end of the relevant period; and
(ii) audited by the same audit company, audit firm or individual auditor as the relevant scheme;
(b) the financial statements for the relevant scheme and each included scheme are presented in adjacent columns in the financial report for the relevant scheme;
(c) in any concise report for the relevant scheme, the consolidated financial statements or the consolidated financial statements and the single entity financial statements for the scheme and each included scheme are presented in adjacent columns;
(d) if an included scheme does not have the same responsible entity as the relevant scheme:
(i) the financial report contains:
(A) a prominent statement to the effect that only the responsible entity of a scheme takes responsibility for the financial report for the scheme; and
(B) a separate directors’ declaration from each responsible entity covering the schemes that the responsible entity operates; and
(ii) there is a separate directors’ report from each responsible entity covering the schemes that the responsible entity operates;
(e) where the directors’ declaration covers more than one registered scheme, each declaration required by subsection 295(4) or 303(4) of the Act (as relevant) is presented in a way that enables each scheme to which it relates to be readily identified;
(f) the financial report for the relevant scheme includes statements indicating:
(i) the extent (if any) to which there are facilities in place for the proceeds of a withdrawal from the relevant scheme to be applied to the acquisition of an interest in any included scheme; and
(ii) whether further interests in the relevant scheme may be issued; and
(iii) where further interests in the relevant scheme may be issued—whether the proceeds of a withdrawal from any included scheme can be applied to acquire an interest in the relevant scheme;
(g) where a directors’ report covers more than one registered scheme, the information included in it is presented in a way that enables each scheme for which any aspect is relevant to be readily identified.
(3) The relief in subparagraph (1)(a)(ii) is available where:
(a) the relief in subparagraph (1)(a)(i) is being relied on in relation to a concise report; and
(b) the concise report includes consolidated financial statements for the relevant scheme.
(4) The headings to the columns referred to in paragraphs (2)(b) and (c) must specify the period covered by the financial statement that is presented in the columns.
Part 3—Repeal
7 Repeal
This instrument is repealed at the start of 1 October 2030.