Treasury Laws Amendment (2022 Measures No. 4) Act 2023 (29 of 2023)

Schedule 6   Financial reporting and auditing requirements for superannuation entities

Part 1   Amendment of the Corporations Act 2001

Corporations Act 2001

77   After section 323D

Insert:

323DAAA Financial years for registrable superannuation entities

(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

(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.

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

(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.