Western Australian Current Regulations Western Australian Current Regulations (1) The amendment to
section 3(1) made by the 2018 amending Act that inserts the definition of
financial year for a strata company does not apply to a strata company until
the end of the 5‑year transitional period.
(2) During the
5‑year transitional period, the financial year for a strata company is
taken to be —
(a) if a
financial year is specified in the scheme by‑laws of the strata company
— that period; or
(b) if
paragraph (a) does not apply — the period of 12 months used by
the strata company as its financial year before the commencement day; or
(c) if
neither paragraph (a) nor (b) applies — the period of
12 months ending on the day before the anniversary of registration of the
strata titles scheme, or the period of 12 months ending on 30 June,
whichever period the strata company chooses.
(3) During the
5‑year transitional period, a strata company that, under
subregulation (2)(b) or (c), uses or chooses to use as its financial
year a period of 12 months ending on a different date from 30 June
may make a by‑law that specifies that period as its financial year.
(4) Such a
by‑law has effect for the purposes of the definition of financial year
for a strata company , as inserted by the 2018 amending Act, if it is made by
ordinary resolution of the strata company and is taken to be a governance
by‑law.
Note for this regulation:
If a strata company
makes a by‑law before the end of the 5‑year transitional period
specifying the financial year it uses or chooses to use under
subregulation (2)(b) or (c) as its financial year, it will be able
to continue to use that period as its financial year at the end of the
5‑year transitional period under the definition of financial year for a
strata company as inserted by the 2018 amending Act.