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CORPORATIONS ACT 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.25 - TRANSITIONAL PROVISIONS RELATING TO THE INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)  

Division 5 - Application of other consequential amendments    View history reference

SECTION 1623  RETURNS AND ACCOUNTS BY CONTROLLERS  

Returns by controllers for 2017-18 and later years

1623(1)  

Sections 422A and 422B, as inserted by Schedule 2 to the Insolvency Law Reform Act 2016, apply in relation to the financial year starting on 1 July 2017 and later financial years.

Accounts under old Act

1623(2)  

Subsection (3) of this section applies in relation to the amendment of section 432 of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016.

1623(3)  

To the extent that section 432 of the old Act relates to a period for which an account must be lodged:


(a) the amendment of the section applies in relation to periods starting on or after 1 July 2017; and


(b) the unamended section applies in relation to periods starting before 1 July 2017 and ending after that day as if the period ends on 30 June 2017.

Continuation of audits under old Act

1623(4)  

For the avoidance of doubt, despite the amendment of section 432 of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016, audits may be continued under that section in relation to accounts lodged under that section as if the old Act continued to apply.

[CCH Note: Regulation Sch 13, item [39] (which was effective 1 March 2017) provides that s 1623 is amended as follows:

Repeal the section, substitute:
1623 Transitional rules for controller returns
(1) Section 422A, as inserted by Schedule 2 to the Insolvency Law Reform Act 2016, applies in relation to a person if the person first began to be a controller of the property of a corporation on or after 1 September 2017.
(2) Section 422A, as inserted by Schedule 2 to the Insolvency Law Reform Act 2016, also applies in relation to a person if the person first began to be the controller of the property of a corporation before 1 September 2017 as if the reference in that section to a control return year for the controller were a reference to:
(a) the first full year starting on or after 1 September 2017 that is an anniversary of when the person first began to be the controller of the property of a corporation; and
(b) each subsequent period of 12 months.
(3) Despite the repeal of subsections 432(1) and (1A) of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016, those subsections continue to apply, in relation to a controller of a corporation appointed before 1 September 2017:
(a) if the end of the 6-month period referred to in paragraph 432(1)(a) occurs before 1 March 2018 - in relation to that period; and
(b) if the end of that period is not an anniversary of the administrator's appointment - in relation to the subsequent 6-month period.
(4) To avoid doubt, despite the repeal of subsections 432(1) and (1A) of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016, audits may be continued in relation to accounts lodged under those provisions as if the old Act continued to apply.
1623A Transitional rules for end of control returns
(1) Section 422B, as inserted by Schedule 2 to the Insolvency Law Reform Act 2016, applies in relation to a control of the property of a corporation that ends on or after 1 September 2017.
(2) Despite the repeal of subsections 432(1) and (1A) of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016, those subsections continue to apply, in relation to controllers that cease to be a controller of property of a corporation, if the cessation occurs before 1 September 2017.
]

 



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