In 2020, temporary measures were put into place as a result of the COVID-19 pandemic which placed restrictions on organisations to satisfy requirements such as in-person document execution and submission of paper-based forms. The temporary measures, such as ASIC’s ‘no action’ position allowed organisations to carry out their day to day operations and satisfy regulatory requirements via electronic means. 

In a joint submission, CA ANZ and CPA Australia provided feedback to Treasury on 16 July 2021 in relation to the exposure draft legislation and explanatory memorandum on the use of technology for meetings and related amendments. The exposure draft aims to make permanent changes to allow organisations to use digital technology to conduct meetings (such as AGMs virtually) and execute documents required under the Corporations Act 2001. 

Key Points from joint submission:

• for the temporary and permanent changes relating to the use of digital technologies to facilitate both the conduct of meetings and the execution of documents proposed by Schedule 1 of the Treasury Law Amendment (2021 Measures No.1) Bill 2021 and this exposure draft to be passed in a timely manner.
• We encourage the Government to consider and act on Recommendation 1 from the recent report of the Senate Economics References Committee (Economics References Committee, Treasury Laws Amendment (2021 Measures No.1) Bill 2021 [Provisions], June 2021) (committee report).
• We encourage Treasury to consider an overarching framework that clearly outlines how amendments, such as those in this exposure draft, complement other existing (or future) modernising and deregulation projects.
• We suggest extending the ability to provide meeting-related documents electronically to the Insolvency Practice Rules (Corporations) 2016 where certain requirements still currently need to be undertaken in writing. 
• We encourage Treasury to obtain insights from the ATO and these should be reflected in future explanatory memorandums accompanying the exposure draft when it is introduced so that parliamentarians and the business community can fully understand any tax ramifications.
• We have expressed an interest to reach out to our memberships to seek interest in participation of the opt-in pilot program will commence once the extension to the temporary relief ends.