Corporations Act. Australia
free of charge.
(4) A disclosing entity that was a borrower in relation to debentures at the end of a half‑year must give a copy of the half‑year financial report, directors’ report and auditor’s report to the trustee for debenture holders within 75 days after the end of the half‑year.
(5) An offence based on subsection (1), (3) or (4) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
Division 5 — Lodging reports with ASIC
319 Lodgment of annual reports with ASIC
(1) A company, registered scheme or disclosing entity that has to prepare or obtain a report for a financial year under Division 1 must lodge the report with ASIC. This obligation extends to a concise report provided to members under section 314.
(1A) An offence based on subsection (1) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
(2) Subsection (1) does not apply to:
(a) a small proprietary company that prepares a report in response to a shareholder direction under section 293 or an ASIC direction under section 294; and
(b) a small company limited by guarantee that prepares a report in response to a member direction under section 294A or an ASIC direction under section 294B.
(3) The time for lodgment is:
(a) within 3 months after the end of the financial year for a disclosing entity or registered scheme; and
(b) within 4 months after the end of the financial year for anyone else.
320 Lodgment of half‑year reports with ASIC
(1) A disclosing entity that has to prepare or obtain a report for a half‑year under Division 2 must lodge the report with ASIC within 75 days after the end of the half‑year.
(2) An offence based on subsection (1) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
321 ASIC power to require lodgment
(1) ASIC may give a company, registered scheme or disclosing entity a direction to lodge with ASIC a copy of reports prepared or obtained by it under Division 1 or 2.
(1A) An offence based on subsection (1) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
(2) The direction must:
(a) be made in writing; and
(b) specify the period or periods concerned; and
(c) be made no later than 6 years after the end of the period or periods; and
(d) specify the date by which the documents have to be lodged.
The date specified under paragraph (d) must be at least 14 days after the date on which the direction is given.
322 Relodgment if financial statements or directors’ reports amended after lodgment
(1) If a financial report or directors’ report is amended after it is lodged with ASIC, the company, registered scheme or disclosing entity must:
(a) lodge the amended report with ASIC within 14 days after the amendment; and
(b) give a copy of the amended report free of charge to any member who asks for it.
(2) If the amendment is a material one, the company, registered scheme or disclosing entity must also notify members as soon as practicable of:
(a) the nature of the amendment; and
(b) their right to obtain a copy of the amended report under subsection (1).
(3) An offence based on subsection (1) or (2) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
Division 6 — Special provisions about consolidated financial statements
323 Directors and officers of controlled entity to give information
(1) If a company, registered scheme or disclosing entity has to prepare consolidated financial statements, a director or officer of a controlled entity must give the company, registered scheme or disclosing entity all information requested that is necessary to prepare the consolidated financial statements and the notes to those statements.
(2) An offence based on subsection (1) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
323A Auditor’s power to obtain information from controlled entity
(1) An auditor who audits or reviews a financial report that includes consolidated financial statements:
(a) has a right of access at all reasonable times to the books of any controlled entity; and
(b) may require any officer of the entity to give the auditor information, explanations or other assistance for the purposes of the audit or review.
A request under paragraph (b) must be a reasonable one.
(2) The information, explanations or other assistance required under paragraph (1)(b) is to be given at the expense of the company, registered scheme or disclosing entity whose financial report is being audited or reviewed.
323B Controlled entity to assist auditor
(1) If a company, registered scheme or disclosing entity has to prepare a financial report that includes consolidated financial statements, an officer or auditor of a controlled entity must:
(a) allow the auditor for the company, scheme or entity access to the controlled entity’s books; and
(b) give the auditor any information, explanation or assistance required under section 323A.
(2) An offence based on subsection (1) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
323C Application of Division to entity that has ceased to be controlled
Sections 323, 323A and 323B apply to the preparation or audit of a financial report that covers a controlled entity even if the entity is no longer controlled by the company, registered scheme or disclosing entity whose financial report is being prepared or audited.
Division 7 — Financial years and half‑years
323D Financial years and half‑years
First financial year
(1) The first financial year for a company, registered scheme or disclosing entity starts on the day on which it is registered or incorporated. It lasts for 12 months or the period (not longer than 18 months) determined by the directors.
Financial years after first year
(2) Subject to subsections (2A) and (4), subsequent financial years must:
(a) start at the end of the previous financial year; and
(b) be 12 months long.
The directors may determine that the financial year is to be shorter or longer (but not by