Would your corporate group benefit from lodging one set of accounts with ASIC?

Certain wholly-owned companies may be relieved from the requirement to prepare and lodge audited financial statements under the Corporations Act, where they enter into a deed of cross guarantee with their parent entity, other entities in their corporate group, and meet certain other conditions.  The end result is that only the parent company needs to prepare and lodge audited accounts with ASIC, which can simplify financial reporting requirements and reduce costs. 

If you work with a large corporate group that is seeking to take advantage of this reporting relief, or if you work with a corporate group that already has a deed of cross guarantee in place and the structure of the group has changed (or is planning to be changed), we recommend that you start the process as soon as possible so that the relevant documents can be prepared, finalised and lodged with ASIC by 30 June. 

If you have any questions on the ASIC instrument and obtaining relief, or if you need assistance with preparing and lodging the relevant documents, please get in touch with one of the Sierra Legal team.

You can book an online video conference with us using the link below:

https://www.sierralegal.com.au/meetings