Co-operatives Act 2009

The financial year of a co‑operative ends on the day in each year that is provided for by the rules of the co‑operative.

In the case of a co‑operative registered under Part 2 Division 4, the first financial year of a co‑operative may extend from the date of its registration to a date not more than 18 months after its registration.

In the case of a co‑operative registered under Part 2 Division 5, the first financial year of the co‑operative is to be a period not extending beyond a date that is 18 months after the end of the co‑operative’s last financial year before the co‑operative registered under this Act.

On an alteration of the rules of a co‑operative amending its financial year, the alteration may provide either —

that the current financial year (as at the date of the amendment) is to be extended for not more than 6 months; or

that the next financial year is to be for a period of more than one year but not more than 18 months.

Without limitation, the regulations may make provision for or with respect to requiring the adoption by a co‑operative of the same financial year for each entity that the co‑operative controls.