Document ID: chunk:federal_register_of_legislation:C2025C00014:section:319:p1
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 319 (pt 1/2)
Character Range: 1858754–1861318

319  Statutory accounting period of a company
 (1) Subject to this section, each period of 12 months finishing at the end of 30 June is a statutory accounting period of a company.
 (2) A company may, by notice in writing to the Commissioner, elect that a day (in this section called the new day) is to be the last day of its statutory accounting period instead of the day (in this section called the old day) that would otherwise apply under this section.
 (3) The new day must be:
 (a) if:
 (i) the company has not previously given a notice under this section; and
 (ii) the company regularly uses:
 (A) an accounting period of 12 months finishing at the end of a day other than 30 June for the purposes of complying with the requirements of a tax law of any country; or
 (B) an accounting period of 12 months finishing at the end of a day other than 30 June for the purposes of reporting to its shareholders;
  either of those days; or
 (b) if the company has previously given a notice under this section—30 June or either of the days that, but for the giving of the notice, would be applicable under paragraph (a).
 (4) Subject to any further application of subsection (2) and to subsections (4A) and (5):
 (a) the first statutory accounting period using the new day is the period that begins immediately after the end of the statutory accounting period (using the old day) during which the election was made; and
 (b) later statutory accounting periods are the successive periods of 12 months finishing at the end of the new day.
 (4A) Subject to subsection (5), if:
 (a) the election is made in the company's statutory accounting period in which the company first became a CFC; and
 (b) the new day occurs after the election is made but before the old day;
then, subject to any further application of subsection (2):
 (c) that statutory accounting period finishes at the end of the new day; and
 (d) later statutory accounting periods are the successive periods of 12 months finishing at the end of the new day.
 (5) Where, when it makes the election, it is less than 12 months since the company was incorporated or otherwise established:
 (a) the reference in subparagraph (3)(a)(ii) to the company regularly using an accounting period is instead a reference to the company proposing to use the accounting period; and
 (b) subject to any further application of subsection (2):
 (i) the first statutory accounting period of the company is the period beginning at the time of incorporation or establishment and ending at the end of the new day; and
 (ii) later