Corporations Amendment (Corporate Reporting Reform) Act 2010 (66 of 2010)

Schedule 1   Amendments relating to the Corporations Act 2001

Part 1   Main amendments

Corporations Act 2001

44   After subsection 323D(2)

Insert:

(2A) A subsequent financial year may last for a period of less than 12 months determined by the directors if:

(a) the subsequent financial year starts at the end of the previous financial year; and

(b) there has not been a period during the previous 5 financial years in which there was a financial year of less than 12 months in reliance on this subsection; and

(c) the change to the subsequent financial year is made in good faith in the best interests of the company, registered scheme or disclosing entity.