The Australian Securities and Investments Commission (ASIC) has announced a number of changes to Class Order 98/1418 Wholly-owned entities,
which provides certain wholly-owned subsidiaries with relief from the
requirement to prepare financial reports. The changes will enable more
companies to rely on the relief and reduce the administrative work for
group companies.

ASIC has also announced new relief under Class Order 08/15 Disclosing entities – half-year financial reporting relief.
CO 08/15 relieves a disclosing entity from the requirement to prepare
and lodge a half-year financial report and directors’ report during the
first financial year of the entity, where that first financial year
lasts for eight months or less.