The overall phased schedule and exclusions
Following passage of the bill on 8 October 2014, the Act was implemented in two phases on 1 July 2015 and 3 January 2016, except sections 94(e) and 121. The explicit exclusions mean the guide is not saying every provision took effect in either of those two batches.
Phase 1 supporting documents
The first phase links to its commencement notification, an elaboration of the commenced sections, supporting subsidiary legislation and a key-amendment list. It also links to phase-specific FAQs. These documents have distinct purposes: commencement establishes timing while the lists and FAQs explain the changes.
Small-company audit exemption
A highlighted Phase 1 change is the small-company concept for statutory audit exemption, intended to reduce burdens using a risk-based approach. The exemption concerns financial statements for financial years beginning on or after 1 July 2015. The source directs readers elsewhere for qualification, transition and new-company criteria, and does not itself print the numerical size tests.
Premature auditor resignation
The other highlighted change requires ACRA consent for premature resignation by auditors of public interest companies and subsidiaries. The document is an overview and links to the fuller explanation, rather than setting out every consent or replacement step itself.
Phase 2 documents and dated purpose
The second phase took effect on 3 January 2016 and links to its key amendments, the Commencement (No. 2) Notification 2015 and supporting subsidiary legislation. The two-page source is a historical navigation guide to the reform package, not a current comprehensive Companies Act manual.
Official source
This article independently explains the substantive contents of the official PDF, including the relevant conditions, procedures and annexes. The linked document remains the authoritative source for its original wording, and later changes should be checked separately.
Read the official PDF ↗