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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 860

Dealer's accounts

(1) In this section:

"financial year", in relation to a licensee, means:

(a)
where the licensee is not a body corporate—the year ending on 30 June; and

(b)
where the licensee is a body corporate—the financial year of the body corporate.

"prescribed day", in relation to a financial year of a licensee, means:

(a)
where the licensee is not a body corporate—the day that is 2 months after the end of that financial year; or

(b)
where the licensee is a body corporate—the day that is 3 months after the end of that financial year;

or where, in either case, an extension of time is approved under subsection (3), the day on which the period of the extension ends.

(2) A licensee must, in respect of each financial year, other than a financial year that ended before the date on which the licensee started to carry on business as a dealer, prepare a true and fair profit and loss statement and balance sheet on the basis of such accounting principles (if any) and containing such information and matters as are prescribed and lodge them before the prescribed day for that financial year, together with an auditor's report containing the prescribed information and matters. (3) ASIC may, on application made by the holder of a licence and the holder's auditor before the end of the period of 2 months or, as the case requires, the period of 3 months referred to in the definition of prescribed day in subsection (1) or, if that period has been extended by an approval or approvals previously given under this subsection, before the end of the period as so extended, approve an extension of the period. (4) An approval under subsection (3) may be given subject to such conditions (if any) as ASIC imposes. (5) Where an approval under subsection (3) in relation to a licensee is given subject to conditions, the licensee must comply with those conditions.



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