Document ID: chunk:federal_register_of_legislation:C2004A04707:front:0:p6
Version: federal_register_of_legislation:C2004A04707
Segment Type: other
Provision Reference: 
Character Range: 13160–15879

after the accounting period.".

SCHEDULE 1—continued

15. Subsection 60(1):

  Omit "body corporate" (wherever occurring), substitute "body".

16. Paragraph 60(1)(c):

  After "incorporated" insert "or formed".

17. Subparagraph 60(1)(c)(iii):

  Omit "act; and", substitute "act.".

18. Paragraph 60(1)(d):

  Omit the paragraph.

19. Paragraph 60(2)(a):

  Omit "body corporate's", substitute "body's".

20. Paragraph 60(2)(b):

  (a) Omit "body corporate", substitute "body".

  (b) After "incorporated" insert "or formed".

21. Section 60:

  Add at the end:

"(3) For the purposes of subsection (1), if there are no positions of director (by whatever name called) in relation to a body, the reference in paragraph (1)(a) to a position of director of the body is a reference to a position the holder of which has control, or shares control, over the general conduct of the affairs of the body.".

22. After section 70:

  Insert:

Financial years of bodies, other entities and prescribed interest undertakings

"70A.(1) A financial year of a body is any of the following periods, whether ending before, at or after the commencement of this section:

     (a) if the body is a company—a period of 12 months, or such other period of not more than 18 months as the directors resolve, beginning:

        (i) if there has been no previous financial year of the body—on the day of the body's incorporation; or

      (ii) otherwise—at the end of the previous financial year;

  (b) if the body has been, but is no longer, a company—a period that:

SCHEDULE 1—continued

      (i) ended at a time when the body was a company; and

        (ii) was a financial year of the body for the purposes of this Law as in force at that time;

  (c) in any case—a period that:

        (i) ended at a time when the body was not a company but was a company for the purposes of a corresponding previous law; and

        (ii) was a financial year of the body for the purposes of that law as in force at that time;

  (d) in any case—a period that:

        (i) ended at a time when the body was neither a company, nor a company for the purposes of a corresponding previous law; and

        (ii) in respect of which a profit and loss account was made out or was required by the law of the body's incorporation or formation as at that time to be made out.

Notes relating to paragraph (a):

  1. Another period, as resolved by the directors, may be longer or shorter than 12 months (but not longer than 18 months).

  2. The power of the directors to resolve another period is subject to the requirements of section 245 as to the holding of annual general meetings of the body.

3. The directors' resolution counts even if it is made