How do I apply for an extension of time to prepare, lodge and/or distribute a financial report?
ASIC can only give an entity reporting under Chapter 2M an extension of time to prepare, lodge and/or distribute its financial report using the relief power under s340 of the Corporations Act 2001 (the Act). Subsection 340(3) requires applications to be authorised by a resolution of the directors, be in writing and be signed by a director. Applications must outline the reasons for seeking the extension of time and state why the directors believe that one of the pre-conditions for relief set out in s342(1) of the Act is satisfied (see also ASIC Regulatory Guide 43).
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