Earlier today the Corporations Legislation Amendment (Simpler Regulatory System) Bill 2007 and accompanying Bills were given Royal Assent.
The changes include amendments to facilitate distribution of annual reports over the internet, and to increase the monetary thresholds to define a large proprietary company as these thresholds have not been adjusted since 1995. These changes apply immediately, so they affect financial reports relating to the 2006-07 reporting period ending on 30 June 2007.
In addition, supporting regulations were made today that will make it easier for companies to register company charges with ASIC. From 1 July 2007, companies will be able to register charges electronically, reducing the red tape for registrations and improving their speed and accuracy.
“My Office and the Treasury have received a strong level of interest as to when these significant and widely supported Bills will receive Royal Assent. Many businesses are particularly keen to employ several aspects of the Simpler Regulatory System package, especially the new rules on distribution of annual reports through the internet. I am pleased to confirm that the benefits flowing from these new laws will be delivered for this year’s financial reporting season,” Mr Pearce said.
Most of the Simpler Regulatory System package commences on either Royal Assent or 1 July 2007. Some parts, including particular changes to the regulation of financial advice, will not be fully effective without forthcoming supporting regulations. Details regarding the commencement and application of all elements of the package are included in the Explanatory Memorandum, available at: http://www.aph.gov.au/bills/index.htm.
28 June 2007
MELBOURNE