In May 2020 Accounting News, we noted ASIC’s one month extension of reporting deadlines for listed and unlisted entities reporting under Chapters 2M and 7 of the Corporations Act 2001. The extension applied to reporting dates up to and including 7 July 2020 where the reporting deadline had not already passed, and did not apply to foreign entities (including those listed on the ASX). Coupled with this relief was ASIC’s ‘no action’ position on annual general meetings (AGMs) held within seven months of reporting date instead of the usual five months.
Due to ongoing impacts of COVID-19 such as remote working arrangements and travel restrictions, some entities may continue to experience difficulties meeting reporting deadlines for 31 December 2020 half-year and annual financial statements.
ASIC has therefore once again extended financial reporting deadlines for listed and unlisted entities reporting under Chapters 2M and 7 of the Corporations Act 2001. The extension applies to reporting dates up to and including 7 January 2021. Where possible, entities should continue to lodge within normal statutory deadlines. It should be noted that ASX listed foreign entities (foreign registered entities) are not covered by this extension and must report within usual deadlines to the ASX.
Yes. Media Release 20-276 notes that for reporting dates up to and including 7 January 2021, ASIC will continue to adopt a ‘no action’ position where public companies hold their AGMs within seven months of reporting date. This means that public companies also have additional time to distribute financial reports to members prior to the AGM.
The table below highlights usual reporting deadlines as well as the one-month extension for entities reporting under Chapter 2M.
| Type of entity | Usual ASIC deadline | MR 20-276 extended deadlines |
| Listed entities | 3 months | 4 months |
| Unlisted disclosing entities | 3 months | 4 months |
| Unlisted registered schemes | 3 months | 4 months |
| Other unlisted public companies | 4 months | 5 months |
| Proprietary companies | 4 months | 5 months |
The table below highlights usual reporting deadlines as well as the one-month extension for entities reporting under Chapter 2M.
| Type of entity | Usual ASIC deadline | MR 20-276 extended deadlines |
| Listed entities | 75 days (2 months if Appendix 4D is required) | 75 days plus one month |
| Unlisted disclosing entities | 75 days | 75 days plus one month |
ASX listed entities should note that the one-month extension does not automatically apply to ASX lodgements until the ASX issues a Class Waiver to permit late lodgements. If this is similar to the Class Waiver covering 30 June 2020 reporting dates, we expect that it will require the entity to make an announcement to the market of its intention to rely on the extension relief. We will update you in future editions of Accounting News when the new Class Waiver has been issued for reporting dates after 7 July 2020, and up to 7 January 2021.