Meaning of financial year for ch 12
598 Meaning of financial year for ch 12
In this chapter, a financial year of an organisation means—
the period of 1 year starting on 1 July; or
if the organisation’s rules provide for another period of 1 year as its financial year—the other period.
If an organisation’s rules change so that the period of its financial year changes, the time from the end of the financial year before the change and the start of the first financial year after the change is taken to be a financial year of the organisation.
The period from when an organisation is registered to the start of its first financial year under subsection (1) is not included in a financial year of the organisation.
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