ASIC is seeking feedback on its proposal to remake a legislative instrument that provides financial reporting relief for wholly-owned companies, which is scheduled to expire on 1 October 2026.

This will maintain existing relief while the Australian Government progresses law reform for simplified reporting relief for group entities, announced as part of the Whole-of-Government Regulatory Reform Agenda in the 2026/27 Budget.

Under ASIC’s proposal, the relief in ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 (ASIC Instrument 2016/785) will be extended for five years. We will also make minor, technical changes to the instrument and related documents, such as Pro Forma 24 Deed of cross guarantee (PF 24).

Under our proposal:

• the relief provided in ASIC Instrument 2016/785 will continue to apply for financial years ending before 1 January 2027, and
• the proposed new instrument will apply to financial years ending on or after this date and ensure that entities have continued financial reporting relief under their existing arrangements.

Providing feedback

Feedback should be sent to rri.consultation@asic.gov.au by 5pm AEST on 28 August 2026.

Refer to CS 61 Proposed remake of wholly-owned companies relief for further information.

Background

ASIC Instrument 2016/785 provides relief for certain wholly-owned entities from the financial reporting obligations in Chapter 2M of the Corporations Act 2001.

ASIC is Australia’s corporate, markets and financial services regulator.