Duration and renewal of approval
15AAC Duration and renewal of approval
The approval of a partnership or company for the purposes of this Act continues in force until the end of the financial year in which the approval was granted or renewed, unless the approval is earlier cancelled under this Act.
Note
A financial year is the period of 12 months ending at midnight on 30 June: see section 44(6)(d) of the Interpretation of Legislation Act 1984.
Despite subsection (1), the approval of a partnership or company that is the subject of an application for renewal of the partnership's or company's approval is taken to continue in force until the application is determined by the Board, if the application is made to the Board—
before the end of the financial year in which the approval was granted or renewed; or
in the period that is one month after the end of that financial year.
Despite subsection (1), the approval of a partnership or company that is first approved in May or June in a financial year continues in force until the end of the next financial year, unless the approval is earlier cancelled under this Act.
An application for renewal of approval of a partnership or company referred to in subsection (3) must not be made at the end of the financial year in which the partnership or company was first approved.
S. 15AAD inserted by No. 43/2024 s. 48.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.