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ASSOCIATIONS INCORPORATION ACT 1981 - SECT 58A
Meaning of reportable financial year
(1) An incorporated association’s
"reportable financial year" is the same as the association’s financial year.
(2) However, subsection (1) is subject to subsections (3) to (6) .
(3) If an
association is incorporated within 3 months before the end date of the
association’s financial year, the association’s first
"reportable financial year" is the period starting on the day of incorporation
and ending on the second end date after incorporation. Example for subsection
(3)— The end date of an association’s financial year is 30 June 2007. The
association was incorporated on 1 April 2007. The period from 1 April 2007
until 30 June 2008 is a reportable financial year.
(4) If an association is
incorporated more than 3 months before the end date of the association’s
financial year, the association’s first
"reportable financial year" is the period starting on the day of incorporation
and ending on the first end date after incorporation. Example for subsection
(4)— The end date of an association’s financial year is 30 June 2007. The
association was incorporated on 1 March 2007. The period from 1 March 2007
until 30 June 2007 is a reportable financial year.
(5) If an association
changes its financial year and the end date of the changed financial year is
15 months or less after the end date of the association’s last financial
year, the association has a
"reportable financial year" for the period starting on the day after the end
date of the association’s last financial year and ending on the end date of
the association’s changed financial year. Example for subsection (5)— The
end date of an association’s financial year is 30 June 2007. At a general
meeting, the association’s financial year is changed to have an end date of
31 July. The period from 1 July 2007 until 31 July 2008 is a
reportable financial year.
(6) If an association changes its financial year
and the end date of the changed financial year is more than 15 months after
the end date of the association’s last financial year, the association has a
"reportable financial year" for the period starting on the day after the end
date of the association’s last financial year and ending on the day that is
12 months before the end date of the association’s changed financial year.
Example for subsection (6)— The end date of an association’s financial
year is 30 June 2007. At a general meeting, the association’s financial year
is changed to have an end date of 31 October. The period from 1 July 2007
until 31 October 2007 is a reportable financial year in addition to the period
from 1 November 2007 until 31 October 2008.
Note— An incorporated association’s reportable financial year will never
be less than 3 months or more than 15 months.
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