Relief from sustainability reporting requirements
We may grant relief to an entity from the requirement to comply with its sustainability reporting and audit obligations under Pt 2M.2, Pt 2M.3 and/or Pt2M.4 (other than Div 4) of the Corporations Act.
We may grant relief from these provisions:
- on a class basis via legislative instrument: see s341(1) of the Corporations Act; or
- on an individual basis: see s340(1) of the Corporations Act.
Where relief from the sustainability reporting and audit obligations is not already available on a class basis, an entity may apply to ASIC for individual relief.
We can only grant relief (on class basis or individual basis) if we are satisfied that complying with the relevant obligations would:
- make the sustainability report or other reports misleading
- be inappropriate in the circumstances, or
- impose unreasonable burdens.
Even where this relief criterion has been satisfied, a decision to grant relief by ASIC is discretionary.
ASIC has the discretion to impose conditions on relief and relief may be granted for a limited time.
Legislative instruments granting relief for sustainability reporting
ASIC has granted relief on a class basis from the sustainability reporting obligations under legislative instrument. These are summarised below.
| Entity | ASIC instrument |
|---|---|
| Listed disclosing entities | ASIC Corporations (Electronic Lodgment of Financial and Sustainability Reports) Instrument 2026/59 allows listed companies and listed registered schemes to lodge annual and half-yearly reporting documents electronically with the relevant market operator without lodging them separately with ASIC. The companies and schemes must be listed on the Australian Securities Exchange (ASX), National Stock Exchange (NSX), Sydney Stock Exchange (SSX) or Cboe Australia (Cboe). |
| Stapled entities | ASIC Corporations (Reporting by Stapled Entities) Instrument 2023/673 facilitates financial reporting and sustainability reporting for stapled groups. Under this instrument, a stapled entity that elects to prepare a financial report and (if also applicable) a sustainability report on behalf of all of the members of a stapled group, must do so on the basis that they are a single entity. |
| Related schemes |
ASIC Corporations (Related Scheme Reports) Instrument 2025/438 enables a registered scheme to include:
|
Entities should also consider whether existing legislative instruments relating to financial reporting and audit are relevant to their sustainability reporting and audit obligations. This is because, in some circumstances, relief from the financial reporting and audit obligations may also affect an entity’s sustainability reporting and audit obligations under the Corporations Act.
Applying for individual relief
If you are thinking of applying for individual relief, you should apply as early as possible.
As the sustainability reporting and audit requirements are new, your application may raise novel issues that could take some time to resolve.
ASIC’s powers to grant relief are prospective, meaning that ASIC has no power to grant retrospective relief. Relief will not remedy any past breaches of the Corporations Act.
For guidance on how ASIC exercises its relief powers, see:
- Regulatory Guide 51 Applications for relief (RG 51)
- Regulatory Guide 280 Sustainability reporting (RG 280)
- Regulatory Guide 43 Financial reports and audit relief (RG 43), and
- Regulatory Guide 115 Audit relief for proprietary companies (RG 115).
See also ASIC’s sustainability reporting and audit relief decisions register, which provides examples of some of ASIC’s decisions on these individual relief applications.
How to apply for individual relief
1. Apply through the ASIC Regulatory Portal
You should submit your application for relief through the ASIC Regulatory Portal.
You will need to pay fees for an application. We have provided details about payment options in the portal.
The Regulatory Portal features structured online transactions with mandatory fields and questions that make it easier for applicants to ensure the information ASIC requires is provided upfront.
2. Address the criteria in our policies on relief
You should consider our guidance in RG 51, RG 280, RG 43, and RG 115.
Your application should specifically address why complying with the obligation from which you seek relief would:
- render the sustainability report or other reports misleading
- be inappropriate in the circumstances, or
- impose unreasonable burdens.
If you have any questions about lodging sustainability reporting and audit relief applications, you may contact us by email at sustainable.finance@asic.gov.au.