Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS, SUSTAINABILITY REPORTS AND AUDIT  

PART 2M.3 - FINANCIAL AND SUSTAINABILITY REPORTING  

Division 7 - Financial years and half-years  

SECTION 323DAAA   FINANCIAL YEARS FOR REGISTRABLE SUPERANNUATION ENTITIES  

323DAAA(1)    
The financial year for a registrable superannuation entity is the entity ' s year of income (within the meaning of the Superannuation Industry (Supervision) Act 1993 ).

Synchronisation of financial years where consolidated financial statements are required

323DAAA(2)    
A registrable superannuation entity that has to prepare consolidated financial statements must do whatever is necessary to ensure that the financial years of the consolidated entities are synchronised with its own financial years. It must achieve this synchronisation by the end of 12 months after the situation that calls for consolidation arises.

323DAAA(3)    
An offence based on subsection (2) is an offence of strict liability.

323DAAA(4)    
To facilitate this synchronisation, the financial year for a controlled entity may be extended or shortened. The extended financial year cannot be longer than 18 months.