ASIC Corporations (Stapled Group Reports) Instrument 2025/439

The instrument relies on a small set of defined concepts that determine eligibility and the scope of permitted presentation. These main concepts are defined in s 5 and used throughout the operative s 6.

• Stapled issuer and stapled group. A stapled issuer is a relevant entity whose securities must be transferred together with securities of one or more other entities under the terms on which they are traded on a prescribed financial market, and where there are no securities in the same class that may be transferred separately (s 5(1), definition of stapled issuer). A stapled group consists of the stapled issuers and all other entities controlled by those stapled issuers (s 5(1), definition of stapled group). These definitions gate which entities can be the subject of the relief in s 6.

• Relevant entity. This is a company, registered scheme or disclosing entity (s 5(1)). The definition aligns the instrument’s coverage with the types of entities that can appear in Part 2M.3 reporting obligations.

• Combined financial statements. The instrument separately defines combined financial statements as aggregated financial statements that eliminate inter‑entity transactions and balances but that do not identify an acquirer or acquirees and do not eliminate equity or reserves that existed at the time the stapling arrangement first required the securities to be transferred together (s 5(1), definition of combined financial statements). Importantly, combined financial statements are explicitly excluded from the relief in s 6(1) note; presenting combined financial statements remains subject to Chapter 2M and applicable accounting standards.

• Control. The instrument adopts the AASB 10 definition of control for the purposes of determining the stapled group’s membership (s 5(1), control has the same meaning as in AASB 10). That choice ties the instrument’s group boundary to accounting consolidation principles rather than alternative legal tests.

• Reference to other ASIC instruments. The relief contemplates reliance on ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195 where single entity financial statements are used in conjunction with consolidated statements, and makes space for that instrument within permitted presentation formats (s 6(2)(b)(i)-(ii)).

Operationally, the instrument does not change accounting standards or mandate the preparation of any particular type of statement. Rather, it regulates the permitted presentation of already‑prepared single entity or consolidated financial statements and directors’ reports of other stapled issuers within a stapled issuer’s report (s 6(1)). Presentation formats are constrained: the instrument sets out three permissible layout approaches for financial statements in s 6(2)(b). It also imposes identity and overlap requirements where directors’ declarations or directors’ reports purport to cover more than one issuer (s 6(2)(c) and (e)). Where one or more entities are registered schemes, the stapled issuer report must contain a prominent statement that only the responsible entity takes responsibility for that scheme’s report (s 6(2)(d)).

The instrument’s definitions and structure restrict the relief to situations where each other stapled issuer is itself required to prepare financial reports under Chapter 2M and elects to rely on the relief (s 6(2)(a)(i)-(ii)). This makes the relief conditional on the co‑operation of all members of the stapled group that wish to be included in the stapled issuer report.

Primary affected parties

• Stapled issuers and their directors. The instrument directly addresses stapled issuers and the directors of stapled issuers, providing them with an exemption from Part 2M.3 obligations to the extent described in s 6(1). The relief therefore changes what directors and issuers can include in the stapled issuer report without breaching Part 2M.3 when the specified conditions are met (s 6(1)-(2)).

• Other stapled issuers in the stapled group. For relief to apply, each other stapled issuer must be required to prepare financial reports under Chapter 2M and must rely on the relief (s 6(2)(a)(i)-(ii)). This makes the availability of relief contingent on the decisions and preparatory steps taken by co‑stapled entities.

• Responsible entities of registered schemes. Where a stapled issuer or other stapled issuers are registered schemes, the instrument requires a prominent statement that only the responsible entity takes responsibility for the scheme’s report (s 6(2)(d)). That directly affects responsible entities, which retain legal responsibility under the Act for those scheme reports regardless of inclusion in a stapled issuer report.

Secondary affected parties

• Investors and users of financial reports. The format choices permitted by s 6(2)(b) will affect how investors, analysts and creditors receive and navigate financial information. The inclusion of multiple issuers’ consolidated or single entity statements in one stapled issuer report changes document structure and potentially the informational context in which readers interpret each set of statements.

• Auditors and preparers. Although the instrument does not alter auditing standards, auditors and preparers will need to ensure the mechanics of presentation meet the conditions in s 6(2) and that directors’ declarations and directors’ reports covering multiple issuers meet the overlap and identification requirements in s 6(2)(c)-(e).

• Market operators and regulators. The instrument refers to securities traded on a prescribed financial market in the definition of stapled issuer (s 5(1)), so market operators and disclosure regimes intersect with the instrument’s scope indirectly. ASIC, as the maker of the instrument under s 341(1) of the Act, effectively decides the relief exists (s 3).

Who does not gain from the relief

• Entities outside a stapled group. The relief is specifically for stapled issuers and their stapled groups as defined. Entities that are not part of a stapled group, or that operate separate classes of securities transferable separately, are not covered (s 5(1) definition of stapled issuer).

• Entities wishing to present combined financial statements only. Combined financial statements are explicitly excluded from the relief and may only be presented where Chapter 2M and accounting standards permit them (s 6(1) note). Thus parties seeking to present combined statements cannot rely on this instrument for a pathway to inclusion.

Decision drivers and who must act

• Collective reliance. Relief is available only where all other stapled issuers in the group both are required to prepare reports under Chapter 2M and rely on the relief (s 6(2)(a)). This creates a coordination requirement: each stapled issuer’s decision affects the availability of relief for the stapled issuer report.

• Directors’ overlap. Only where the same persons have been directors of each issuer for the relevant period and at the time the declaration or report is made may a directors’ declaration or directors’ report cover multiple issuers (s 6(2)(c)(i), (e)(i)). That means that whether a combined directors’ declaration/report can be used depends on corporate governance arrangements across the stapled group.

Temporal scope and administrative actors

• Timing. The instrument commences the day after registration (s 2) and is repealed at the start of 1 October 2030 (s 7). Entities must therefore plan within this finite window.

• Making authority. The instrument was made by an ASIC delegate under s 341(1) of the Corporations Act (s 3). That places responsibility for the instrument’s existence and interpretation with ASIC and its delegates.

Rights created by the instrument

• Permission to include other stapled issuers’ statements. A stapled issuer and its directors have the right to include the single entity or consolidated financial statements, notes, and directors’ declaration of other stapled issuers in the stapled issuer report, and to include the directors’ reports of other stapled issuers, where the conditions in s 6(2) are met (s 6(1)(a)-(b), (2)). This changes what is permitted within a single stapled issuer report compared with the default operation of Part 2M.3.

• Elective reliance. The relief is not automatic; each other stapled issuer must elect to rely on the relief (s 6(2)(a)(ii)). That gives each entity in the stapled group a right to opt in or out of the presentation regime the instrument creates.

Duties and conditions imposed

• Chapter 2M preparation requirement. The instrument requires that each other stapled issuer be required to prepare financial reports under Chapter 2M of the Act for the relevant period (s 6(2)(a)(i)). That duty is a precondition to relying on the relief.

• Presentation format obligations. The instrument prescribes acceptable presentation formats for the included financial statements (s 6(2)(b)). The permitted layouts are (i) adjacent columns for each entity’s financial statements in the stapled issuer report, (ii) separate sections with consolidated/combined statements first and then a second section with adjacent columns for other consolidated statements and any single entity statements, or (iii) for half‑year or concise reports, a narrower variant where one of the permitted sets is presented in adjacent columns with consolidated or combined statements covering all stapled entities presented first (s 6(2)(b)(i)-(iii)). These are duties about the layout and ordering of material.

• Directors’ declaration identity rule. A directors’ declaration may cover more than one stapled issuer only if every person who was a director of a covered issuer during the relevant period or when the declaration is made was also a director of every other issuer covered by the declaration at all times during the relevant period and when the declaration is made (s 6(2)(c)(i)). The instrument also requires that declarations required by subsections 295(4) or 303(4) of the Act be presented so each issuer to which they relate can be readily identified (s 6(2)(c)(ii)). Those are duties on directors to ensure identity and traceability of declarations.

• Directors’ report identity rule. A directors’ report may cover more than one stapled issuer only where the director overlap condition in s 6(2)(e)(i) is met, and where the report is presented so that any aspect relevant to a particular issuer can be readily identified (s 6(2)(e)(i)-(ii)). That imposes a duty to present information in an issuer‑identifiable way.

• Registered scheme prominence statement. If the stapled issuer or any other stapled issuer is a registered scheme, the stapled issuer report must contain a prominent statement that only the responsible entity of the scheme takes responsibility for the scheme’s report (s 6(2)(d)). This imposes a disclosure duty designed to avoid confusion about legal responsibility for scheme reporting.

Limitations and exclusions

• Combined financial statements excluded. The relief does not cover the inclusion of combined financial statements; those may only be presented where permitted by Chapter 2M and applicable accounting standards (s 6(1) note). Therefore a duty remains to comply with the Act and accounting standards when combined financial statements are used.

• Scope limited to extent Part 2M.3 prevents inclusion. The instrument’s relief is framed as a carve‑out from the obligation to comply with Part 2M.3 only "to the extent that that Part prevents the inclusion" of the other issuers’ statements and reports (s 6(1)). It is not a licence to ignore other statutory or accounting requirements.

Interaction with existing duties under the Corporations Act

• Reliance on Chapter 2M obligations. The instrument presupposes the continuing operation of Chapter 2M in determining who must prepare reports (s 6(2)(a)(i)). The relief modifies the manner of presentation permitted under Part 2M.3; it does not abrogate the chapter’s other requirements explicitly within the instrument’s text.

• Delegation and regulatory interpretation. The instrument is made under s 341(1) of the Corporations Act and therefore sits within ASIC’s delegated regulatory instruments (s 3). That implies that ASIC is the body that sets the conditions of the exemption and will have interpretive weight in questions about compliance and scope, subject to the Act.

Who retains responsibility

• Directors and responsible entities. The instrument expressly treats directors and responsible entities as persons who retain duties and responsibility for declarations and scheme reports: directors’ declarations must meet the identity/test requirements (s 6(2)(c)), and responsible entities of schemes remain responsible for scheme reports with a required prominent statement (s 6(2)(d)). The instrument therefore redistributes presentation options but preserves core accountability lines in those respects.

The instrument is an exempting instrument rather than a penalty instrument. It grants relief from certain compliance requirements under Part 2M.3 of the Corporations Act to the extent that Part 2M.3 would otherwise prevent the inclusion of specified material in a stapled issuer report (s 6(1)). The instrument itself does not create new criminal offences, civil penalty regimes, or specific enforcement mechanisms; it alters the scope of an existing statutory obligation by operation of an ASIC instrument made under subsection 341(1) of the Corporations Act (s 3). Any enforcement consequences for failing to comply with Part 2M.3 will therefore depend on whether an issuer or its directors have complied with the conditions required for relief under s 6(2).

Concrete enforcement‑relevant features in the instrument

• Conditional relief. Because the relief is conditional, whether an issuer is in breach of Part 2M.3 will depend on factual compliance with s 6(2). If a stapled issuer includes other stapled issuers’ statements without meeting the preconditions (for example, where not all other stapled issuers are required to prepare reports under Chapter 2M, or where they do not themselves rely on the relief), the exemption will not apply and Part 2M.3 compliance issues could arise (s 6(2)(a)). The instrument therefore creates a fact‑sensitive test that may be the locus of regulatory scrutiny.

• Presentation and identification requirements. The instrument requires specific presentation structures (s 6(2)(b)) and identity and overlap conditions for directors’ declarations and directors’ reports (s 6(2)(c) and (e)). Non‑conformity with these presentation and identity duties could be treated as failure to satisfy the conditions of the relief, with the result that the issuer may be found non‑compliant with Part 2M.3 obligations to the extent that non‑compliance causes the Part to prevent inclusion.

• Scheme responsibility statement. Where reports of registered schemes are included, the instrument requires a prominent statement that only the responsible entity takes responsibility for the scheme report (s 6(2)(d)). Omission of that statement may undermine the relief and raise questions about the legal attribution of responsibility for scheme reporting.

What the instrument does not do

• The instrument does not itself set out penalties or enforcement procedures. It does not, in its text, specify fines, criminal offences, civil penalty provisions, or review mechanisms for decisions to rely on the relief. It also does not create a new ASIC enforcement power; it is made under an existing ASIC delegation (s 3). Enforcement therefore remains a matter governed by the Corporations Act and ASIC’s established enforcement framework, not by this instrument’s text.

Enforcement practicalities and regulatory risk

• Proof and record requirements. Because relief depends on factual elements (for example, that each other stapled issuer is required to prepare reports under Chapter 2M and relies on the relief, and that director overlap existed throughout the relevant period), issuers will need to maintain records demonstrating those facts. In a regulatory review or enforcement action, those records will be the primary means of proving entitlement to the exemption.

• Interpretive discretion. ASIC’s role in authoring the instrument under s 341(1) means that questions of interpretation and application of the instrument’s conditions may be resolved by ASIC in enforcement contexts. The instrument does not specify dispute resolution or review pathways specific to the exemption; general Act mechanisms would apply.

Direct statutory cross‑references within the instrument

• Corporations Act 2001. The instrument is made under subsection 341(1) of the Corporations Act (s 3) and operates by creating an exemption from Part 2M.3 of the Act to the extent described (s 6(1)). The instrument therefore modifies the effect of Chapter 2M obligations for stapled issuers and their directors, while preserving that Chapter as the baseline law for financial reporting obligations (s 6(1)-(2)).

• Specific subsections referenced. The instrument requires that declarations required by subsection 295(4) or 303(4) of the Act be presented in a way that enables each issuer to be readily identified (s 6(2)(c)(ii)). It therefore cross‑references those statutory declaratory duties but does not alter their content; the instrument only prescribes how those declarations must be presented if they are included in a multiple‑issuer declaration.

• ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195. The instrument contemplates reliance on that ASIC instrument where single entity financial statements are presented in addition to consolidated statements, and permits certain presentation formats where that instrument is relied upon (s 6(2)(b)(i)-(ii)). This creates an operational interaction where reliance on the 2021/195 instrument can be combined with reliance on 2025/439 for certain presentation structures.

Accounting standards

• AASB 10 definition of control. The instrument imports the meaning of control from Accounting Standard AASB 10 for defining stapled group membership (s 5(1), control has same meaning as in AASB 10). That anchors group boundary questions to accounting consolidation rules rather than an alternative statutory definition.

• Combined financial statements and accounting standards. The instrument’s explicit exclusion of combined financial statements from the relief ties presentation outcomes to applicable accounting standards and the operation of Chapter 2M: combined financial statements may only be presented where Chapter 2M and applicable accounting standards permit (s 6(1) note). Accordingly, the instrument does not override accounting standard requirements and leaves the presentation of combined statements subject to those standards.

Regulatory and market interfaces

• Prescribed financial markets. The definitions of stapled issuer and stapled group depend on the terms on which securities are traded on a prescribed financial market (s 5(1)). That suggests an intersection with market listing rules and the law or instruments that define "prescribed financial market" in the Act. The instrument itself does not define prescribed financial market, but its scope is tied to that statutory concept.

• Responsible entity duties for registered schemes. Where any stapled issuer is a registered scheme, the instrument requires a prominent statement that only the responsible entity takes responsibility for the scheme’s report (s 6(2)(d)). This preserves the allocation of responsibility found elsewhere in the Act between scheme participants, responsible entities and trustees.

Limits on legal effect

• The instrument does not amend Chapter 2M. It operates as an ASIC instrument that relieves compliance with Part 2M.3 only to the extent that the Part would otherwise prevent inclusion of other stapled issuers’ material in a stapled issuer report (s 6(1)). It therefore functions as an exemption instrument rather than as an amendment to statutory duties outside of its limited scope.

Practical implications of interaction

• Preparers must coordinate compliance across instruments and standards. Where single entity statements are included by relying on ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195, and the stapled group relies on this instrument to combine presentations, issuers will need to satisfy the rules and conditions of both ASIC instruments and applicable accounting standards (s 6(2)(b)). The instrument therefore creates a compliance pathway that requires attention to multiple regulatory texts.

The instrument’s text provides the following items relevant to its provenance and temporal operation.

• Instrument identity and date. The instrument is titled "ASIC Corporations (Stapled Group Reports) Instrument 2025/439" and carries the date 19 September 2025 as the date it was made by Claire LaBouchardiere, delegate of ASIC (header).

• Making authority. The instrument is expressly made under subsection 341(1) of the Corporations Act 2001 (s 3). It does not indicate any earlier instrument it replaces other than through its own repeal provision.

• Commencement. The instrument commences on the day after it is registered on the Federal Register of Legislation (s 2). The instrument includes a note advising that the register may be accessed at www.legislation.gov.au (s 2 note).

• Repeal. The instrument is set to be repealed at the start of 1 October 2030 (s 7). That gives the instrument a defined statutory lifespan from its commencement date until the start of 1 October 2030.

• Prior instruments referenced. The instrument references ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195 in its operative provisions where single entity financial statements might be presented under that instrument (s 6(2)(b)(i)-(ii)). The 2021/195 instrument is used as an enabling reference point for certain presentation formats but is not amended by this instrument.

Notable absences in the instrument’s amendment record

• No prior amendments are recorded within the instrument’s text. The instrument itself does not show any prior version, saved amendments, or revocation of earlier ASIC instruments that affect the same subject matter.

• No transitional provisions. The instrument does not include transitional or savings provisions that might address reports prepared under earlier arrangements. It simply prescribes its commencement, operative provisions, and expiration date (s 2 and s 7).

Practical consequences of the temporal design

• Temporary relief window. The repeal date (s 7) imposes a finite period during which the relief is available. Preparers and directors need to plan for the instrument’s cessation at the start of 1 October 2030 and ensure reporting practices are adjusted thereafter if the instrument is not renewed.

• Interaction with existing instruments across time. Because reliance on the instrument may be coupled with reliance on other ASIC instruments (s 6(2)(b)), entities will need to track the lifecycle and amendment history both of this instrument and of any referenced instruments (such as 2021/195) to ensure continued compliance.

The instrument’s text contains no references to case law, judicial interpretation, or past litigation. It is an ASIC legislative instrument; it does not include or summarise litigation or administrative decisions relating to its subject matter. The instrument therefore has no litigation history recorded within its text.

Potential litigation focal points suggested by the instrument’s terms

• Eligibility disputes. Because the relief requires that "all the other stapled issuers" be required to prepare financial reports under Chapter 2M and to rely on the relief (s 6(2)(a)(i)-(ii)), disputes could arise about whether a particular entity met the Chapter 2M reporting threshold or validly elected to rely on the relief. Such fact‑sensitive disputes are potential loci for administrative or court review.

• Interpretation of "stapled issuer" and "stapled group". The instrument’s scope depends on the definitions in s 5(1), including the reference to securities traded "under the terms on which it is traded on a prescribed financial market" and the AASB 10 definition of control (s 5(1)). Litigation could involve contesting whether specific securities are covered by the stapling definition, whether the stapled group was correctly identified, or whether control in the accounting sense applies to particular entities.

• Directors’ declaration and report coverage. The director overlap condition for declarations and reports (s 6(2)(c)(i) and (e)(i)) could be challenged where directors’ appointment dates and times create ambiguity about whether each director was a director "at all times during the relevant period and when the declaration is made". Evidence disputes about director tenure, resignations and appointments could produce contested matters.

• Presentation and identification obligations. The instrument requires that declarations required by s 295(4) or 303(4) be presented so each issuer to which they relate is readily identified (s 6(2)(c)(ii)), and that directors’ reports present information so that each issuer for which any aspect is relevant can be readily identified (s 6(2)(e)(ii)). Litigation could involve claims that presentation choices obscured issuer identity or misled readers about which statements applied to which entity.

No recorded judicial or administrative decisions are cited in the instrument, and the instrument itself does not establish a bespoke dispute resolution mechanism or appeal right. Any enforcement or interpretative disputes would therefore sit within the existing frameworks under the Corporations Act and general administrative law.

Practical preparatory steps to reduce litigation risk

• Documentary proof. Entities seeking to rely on the relief should document the decisions by each other stapled issuer to rely on the instrument and maintain records that substantiate director tenure across the relevant period, the Chapter 2M reporting obligations for each entity, and the presentation choices made to comply with s 6(2).

• Clear labelling and evidence of prominence. To reduce factual disputes about whether the prominent statement required for registered schemes (s 6(2)(d)) or the identification requirements in s 6(2)(c)(ii) and (e)(ii) were satisfied, issuers should adopt consistent formatting and retain drafts and approvals showing the statements’ placement and prominence.

This instrument introduces a series of specific operational traps and conditional points that can cause an issuer to lose the benefit of the relief if they are not precisely observed. The instrument’s narrow scope and condition‑laden approach create a number of attention points.

1. Relief is conditional on every other stapled issuer electing to rely on it (s 6(2)(a)(ii)). If any co‑stapled entity refuses or fails to rely on the instrument, the exemption will not be available to include that entity’s statements in the stapled issuer report. Practically, this requires coordinated decisions and documented elections by each member of the stapled group.

2. The instrument requires that the other stapled issuers are required to prepare financial reports under Chapter 2M for the relevant period (s 6(2)(a)(i)). If an entity is not subject to Chapter 2M reporting obligations for the relevant period, the exemption cannot be relied upon for that entity. Entities must verify the triggering of Chapter 2M obligations for each relevant period.

3. Combined financial statements are explicitly excluded from the relief (s 6(1) note). A common drafting error would be to include combined statements on the basis of this instrument. The instrument makes clear that combined statements remain subject to Chapter 2M and applicable accounting standards; this instrument does not create an alternative route to present combined financial statements.

4. Director overlap is strict. A directors’ declaration or a directors’ report may only cover more than one stapled issuer where each person who was a director of an issuer covered by the declaration or report during the relevant period was also a director of every other issuer covered by it at all times during the relevant period and when the declaration or report is made (s 6(2)(c)(i); s 6(2)(e)(i)). Any variation in director composition across the stapled entities during the relevant period undermines the ability to use a single declaration or report covering multiple issuers.

5. Identification requirements. The instrument requires that declarations required by subsections 295(4) or 303(4) be presented so that each issuer to which they relate is readily identified (s 6(2)(c)(ii)). Similarly, directors’ reports that cover multiple issuers must present information so each issuer for which any aspect is relevant can be readily identified (s 6(2)(e)(ii)). Failure to label or format statements clearly may render the exemption inapplicable.

6. Prominence requirement for registered schemes. Where any stapled issuer is a registered scheme, the stapled issuer report must contain a prominent statement that only the responsible entity takes responsibility for the scheme’s report (s 6(2)(d)). Placement and visibility matter. A subdued or buried statement may not meet the "prominent" threshold implied by the instrument.

7. Layout mandates. The instrument prescribes narrow layout options for the included financial statements (s 6(2)(b)). Presenting statements outside the permitted formats could lead to loss of the exemption. The permitted options include adjacent columns or specified sectional ordering; arbitrary reordering or a mixed‑format presentation risks non‑compliance.

8. Half‑year and concise report caveat. When the relevant period is a half‑year or the stapled issuer produces a concise report, the permitted presentation options are narrower and require that, if a set includes consolidated or combined financial statements covering all entities, those statements be presented first (s 6(2)(b)(iii)). Mistakes on ordering in concise or half‑year reports risk invalidating the exemption.

9. Reliance on other ASIC instruments. Where single entity financial statements are used pursuant to ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195, the instrument contemplates that use (s 6(2)(b)(i)-(ii)). However, reliance on the 2021/195 instrument does not obviate the need to satisfy all the conditions here. Issuers must ensure compliance with both instruments and applicable accounting standards.

10. Finite lifespan. The instrument expires at the start of 1 October 2030 (s 7). Planning that assumes the relief is permanent is a trap; issuers should design reporting processes with the repeal date in mind.

11. Record‑keeping and proof burden. The exemption’s conditional nature increases the need for contemporaneous records demonstrating that all conditions were met for each reporting period. Failure to keep or produce such records in the event of a regulatory inquiry may be treated as evidence the conditions were not satisfied.

12. Scope limited to the extent Part 2M.3 prevents inclusion. The instrument relieves compliance "to the extent that that Part prevents the inclusion" of other issuers’ material (s 6(1)). It thereby creates an interpretive test about whether Part 2M.3 would have prevented inclusion absent the instrument. Misreading this causal formulation can mislead preparers about the breadth of the exemption.

Practical mitigation

• Secure written decisions from each stapled issuer that they will rely upon the instrument and document Chapter 2M obligations for the relevant period.

• Maintain director appointment records to demonstrate the continuity needed for shared declarations and reports.

• Adopt checklists to ensure the required prominent statement for registered schemes and the identification labelling for declarations and reports are present and clearly visible.

• Conform strictly to the permitted presentation layouts in s 6(2)(b), and for concise or half‑year reports follow the ordering requirement in s 6(2)(b)(iii).

• Track the repeal date and any subsequent ASIC announcements or legislative changes that could affect the instrument’s availability.

This section sets out a practical, ordered compliance checklist that maps directly to the instrument’s operative conditions and definitions. Each action references the relevant provision.

1. Confirm stapled group composition and definitions (s 5(1)).

   • Identify the stapled issuer and all other stapled issuers in the stapled group per the instrument’s definition (s 5(1), stapled issuer and stapled group). Use AASB 10 to determine control for inclusion of controlled entities (s 5(1), control definition).

2. Verify Chapter 2M reporting obligations (s 6(2)(a)(i)).

   • For each other stapled issuer you plan to include, confirm that the entity is required to prepare financial reports under Chapter 2M for the relevant reporting period. Document the legal basis for that requirement.

3. Obtain and document each other stapled issuer’s election to rely on the instrument (s 6(2)(a)(ii)).

   • Secure contemporaneous, signed evidence that each other stapled issuer elects to rely on the relief. Maintain a record of that election in the reporting file.

4. Determine presentation format and follow prescribed layouts (s 6(2)(b)(i)-(iii)).

   • Choose one of the permitted presentation approaches: a) Present the financial statements of the stapled issuer and all other stapled issuers in adjacent columns in the stapled issuer report (s 6(2)(b)(i)); or
     b) Use two sections: first section with the stapled issuer’s consolidated or combined statements (and single entity statements if relying on ASIC 2021/195), second section with adjacent columns for all other consolidated statements and single entity statements (s 6(2)(b)(ii)); or
     c) For half‑year financial reports or concise reports, present one of the permitted sets in adjacent columns with consolidated or combined financial statements covering all stapled group entities presented first where applicable (s 6(2)(b)(iii)).
   • Produce a style guide that ensures column alignment, ordering and labelling meet the instrument’s requirements.

5. Avoid combined financial statements unless separately permitted (s 6(1) note).

   • Do not include combined financial statements under the relief. If combined financial statements are required or desired, ensure such presentation is permissible under Chapter 2M and applicable accounting standards, independent of this instrument (s 6(1) note).

6. Directors’ declaration compliance (s 6(2)(c)(i)-(ii)).

   • If using a directors’ declaration that covers more than one stapled issuer, confirm each person who was a director of an issuer covered by the declaration during the relevant period was also a director of each other issuer covered by the declaration at all times during the relevant period and when the declaration is made (s 6(2)(c)(i)). Document director appointment dates and any changes.
   • Ensure each declaration required by subsections 295(4) or 303(4) of the Act is presented so each issuer to which it relates can be readily identified (s 6(2)(c)(ii)).

7. Directors’ report compliance (s 6(2)(e)(i)-(ii)).

   • If a directors’ report will cover more than one stapled issuer, verify the same director overlap test as for declarations (s 6(2)(e)(i)).
   • Present the report information so that any aspect relevant to a particular issuer can be readily identified (s 6(2)(e)(ii)). Use clear subheadings, cross‑references and entity labels.

8. Registered scheme prominence statement (s 6(2)(d)).

   • Where any included stapled issuer is a registered scheme, insert a prominent statement in the stapled issuer’s financial report or concise report that only the responsible entity of the scheme takes responsibility for the scheme’s report. Design the statement’s placement and typographic prominence to make its visibility unambiguous.

9. Reconcile reliance on ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195 if used (s 6(2)(b)(i)-(ii)).

   • If presenting single entity financial statements under that instrument, ensure the conditions of 2021/195 are satisfied in addition to compliance with this instrument’s presentation rules.

10. Maintain contemporaneous documentary evidence.

    • Keep a compliance pack for each reporting period containing: the stapled group identification, Chapter 2M obligation evidence, written elections by other stapled issuers to rely on the relief, director appointment and resignation records, drafts showing presentation order and layout, evidence of the prominent scheme responsibility statement where applicable, and signed directors’ declarations and directors’ reports as presented.

11. Check commencement and repeal timing (s 2 and s 7).

    • Confirm the instrument’s commencement date (the day after registration on the Federal Register of Legislation) and note the repeal at the start of 1 October 2030 (s 2; s 7). Do not rely on the relief for periods post repeal unless a replacement instrument or legislative change is in force.

12. Governance and internal approvals.

    • Obtain board sign‑off on the decision to rely on the instrument and on the final stapled issuer report. Ensure the minutes record the basis for reliance, the identity of each other stapled issuer that has elected to rely on the instrument, and that directors’ overlap and identification requirements have been reviewed.

13. Auditor engagement.

    • Inform the external auditor of the decision to present multiple stapled issuers’ statements in the stapled issuer report under this instrument and obtain auditor confirmations or report modifications as necessary. Ensure the auditor is satisfied that the presentation meets the instrument’s requirements and that the audit opinions for each included set of statements are appropriately cross‑referenced.

14. Disclosure to investors and markets.

    • Consider including an explanatory note within the stapled issuer report that identifies the instrument, summarises why the other stapled issuers’ statements are included, and explains any limits, such as the exclusion of combined financial statements (s 6(1) note).

Adopting these steps will assist in ensuring that reliance on the relief is factually and documentarily supported, that the presentation choices satisfy the instrument’s precise format requirements, and that director and responsible entity accountability remains clearly signposted in the stapled issuer report.