meta_id 3371006

On an unspecified date, the Australian Securities and Investments Commission (ASIC) announced its proposal to remake ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 (ASIC Instrument 2016/785), which provides financial reporting relief for wholly-owned companies. The instrument is scheduled to expire on October 1, 2026. ASIC proposes extending the relief for five years while the Australian Government progresses law reform for simplified reporting relief for group entities, as announced in the Whole-of-Government Regulatory Reform Agenda in the 2026/27 Budget. Under ASIC's proposal, the relief will continue to apply to financial years ending before January 1, 2027, with a new instrument applying to financial years ending on or after this date. This ensures entities maintain continued financial reporting relief under their existing arrangements. ASIC Instrument 2016/785 provides relief for certain wholly-owned entities from financial reporting obligations under Chapter 2M of the Corporations Act 2001 (Corporations Act). The proposal includes minor technical changes to the instrument and related documents, including Pro Forma 24 Deed of cross guarantee (PF 24). The remake will maintain existing relief while broader government law reform progresses, preventing a gap in relief availability for affected entities. ASIC is consulting on the proposal and invites feedback from interested parties. Submissions should be sent to rri.consultation@asic.gov.au by 5pm Australian Eastern Standard Time (AEST) on August 28, 2026. Further information is available in ASIC consultation paper CS 61 Proposed remake of wholly-owned companies relief.