Seeking relief from the financial reporting and audit requirements of the Corporations Act? ASIC has simplified its guidance

ASIC has recently simplified its existing guidance in relation to seeking relief from the financial reporting and audit requirements of the Corporations Act 2001 (Corporations Act).

In April 2026, ASIC issued an updated version of Regulatory Guide 43 Financial reporting and audit relief (RG43).[1]

This article outlines the key updates made to streamline ASIC’s guidance, reflect legislative changes and consolidate related guidance materials. It explains ASIC’s approach to granting relief, highlights the relief that may be available and the process for applying for it, and provides greater certainty for those seeking relief by clarifying ASIC’s current approach.

Key updates to Regulatory Guide 43

ASIC’s Regulatory Guide 43 Financial reporting and audit relief (RG43) provides guidance to those seeking relief from the financial reporting and audit requirements of the Corporations Act 2001 (Corporations Act).

In April 2026, ASIC updated RG43 to streamline guidance and reflect changes to legislation. The update follows public consultation with industry and replaces now outdated guidance from 2011.

RG43 explains:

• how ASIC grants relief from the financial reporting and audit requirements of the Corporations Act, and
• how to apply for individual relief if you are unable to rely on existing class relief.

The key updates to RG43:

• reflect recent changes to legislation since the guidance was last updated, such as the introduction of sustainability reporting requirements;
• consolidate related ASIC guidance, including the former ASIC Regulatory Guide 29 Financial reporting by Australian entities in dual listed company arrangements (RG 29)[2];
• extend the guidance to newer entities such as corporate collective investment vehicles (CCIVs) and registrable superannuation entities (RSEs); and
• simplify and streamline ASIC’s guidance on financial reporting and audit relief.

The reissued RG 43 does not substantially change the relief framework. Rather, it updates, consolidates and simplifies ASIC's guidance, while clarifying ASIC's approach to relief applications and reflecting legislative developments.

Financial reporting and audit requirements of the Corporations Act

Under the Corporations Act,  all companies, disclosing entities, registered managed investment schemes (registered schemes), CCIVs and RSEs are required to keep financial records that correctly record and explain transactions, financial position and performance and would enable accurate financial statements to be prepared and audited.[3] For disclosing entities, registered schemes, retail CCIVs or RSEs, these reports must be lodged with ASIC no later than three months after the end of the relevant financial year. All other entities must lodge their reports no later than four months after the end of the relevant financial year.[4]

The financial reporting and audit requirements are contained in Part 2M of the Corporations Act. These requirements aim to protect investor and creditor confidence, enhance market efficiency and ensure management accountability.

ASIC’s power to grant relief

ASIC has the power to grant individual or class relief from the financial reporting and audit requirements of the Corporations Act if specified circumstances exist and the relevant entity meets all the conditions and requirements for relief.[5]

ASIC may grant individual relief if complying with the requirements would:

• make the financial report misleading; or
• be inappropriate in the circumstances; or
• impose unreasonable burdens.[6]

ASIC provides further guidance on each of the three relief criteria in RG43:

• A report is misleading if it would lead readers to an incorrect conclusion about the relevant entities’ financial position. The fact that the report is uninformative or irrelevant is insufficient. This criterion is rarely satisfied.
• It will usually only be inappropriate in the circumstances where there is an anomaly in the law, conflict between laws, or when compliance would give rise to consequences not intended by Parliament.
• You must demonstrate that compliance would impose an unreasonable burden. Generally, this requires showing that compliance is likely to cause serious economic detriment, with little or no corresponding benefit to users of the information. Further, it must be reasonably likely that this detriment will be suffered.

How to apply for individual relief

You can apply for individual relief if you are unable to rely on existing class relief.

An application for individual relief must:

• be in writing and signed,
• state the provisions in the Corporations Act from which relief is sought,
• state, in the applicant’s opinion, which of the three relief criteria has been met,
• provide reasons for seeking relief and any relevant information for ASIC to make its assessment, and
• meet the requirements set out in RG 43, and any other relevant ASIC guide on particular kinds of relief.

You should begin the process for relief as early as possible, to make sure that there is sufficient time for ASIC to consider the application and grant relief if appropriate. If you do apply for relief, you are responsible for providing all relevant information to support the application and paying the application fees.

You should also obtain legal and other relevant professional advice when preparing the application.

If ASIC proposes to refuse an application it will provide reasons for its decision Applicants may also have review rights. For further information, see Regulatory Guide 51 Applications for relief (RG 51).[7]

ASIC’s updated RG 43 provides a clearer and more consolidated framework for entities seeking relief from the financial reporting and audit requirements of the Corporations Act. While the underlying relief regime remains largely unchanged, the updated guidance clarifies ASIC’s approach to relief applications, reflects legislative developments and streamlines the application process. Entities considering an application for relief should familiarise themselves with the updated guidance and seek appropriate professional advice at an early stage to maximise the prospects of a successful application.

What are the Cleardocs products available?

Cleardocs offer the following relevant products:

• CompanyDocuments
• Business ServicesDocuments

More information from Maddocks

For more information, contact Maddocks on (03) 9288 0555 and ask to speak to a member of the Commercial team.

More Cleardocs information on related topics

• Financial Reporting and Audit: ASIC's focus for FY26
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[1] RG43 Financial reporting and audit relief.

[2] RG29 has been withdrawn.

[3] Section 286 Corporations Act 2001 (Cth).

[4] Section 319 Corporations Act 2001 (Cth).

[5] Sections 340 and 341 Corporations Act 2001 (Cth).

[6] Section 342(1) Corporations Act 2001 (Cth).

[7] RG51 Applications for relief.