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Changing a financial year

This information sheet outlines:

What are the legislative requirements for a financial year?

Section 323D of the Corporations Act 2001 (Corporations Act) requires the first financial year for a company, registered scheme or disclosing entity (an entity) to start on the day of its registration. The first financial year may last for 12 months or a period, no longer than 18 months, determined by the directors (subsection 323D(1) of the Corporations Act).

Each subsequent financial year must:

Exceptions to the 12 Month Rule

1. Shorter or longer by 7 days
2. Shorter than 12 months 3. Synchronisation with consolidated entities
4. Synchronisation with foreign parent
5. Relief under section 340 of the Corporations Act

How do I notify ASIC of a change of financial year?

You need to notify us in writing of any change to the company or registered scheme's financial year. This will allow us to amend the public register to reflect the new financial year for each affected entity.

Notification should include:

I require an extension of time to hold our AGM­—what should I do?

For a public company, a change of financial year will affect the timing of the company’s annual general meeting (AGM). You must hold an AGM within 18 months of a public company's registration. Subsequent AGMs must be held at least once in each calendar year and within 5 months after the end of each financial year (s250N).

If these timing requirements cannot be met due to a change in the company’s financial year (or for other reasons), the company needs to apply to ASIC for an extension of time to hold its AGM (s250P).

You can apply, using Form 2501 Application for extension of time to hold annual general meeting before the latest possible date on which the AGM is due to be held. A lodgement fee applies. You should refer to Regulatory Guide 44 Annual general meeting - extension of time (RG 44).

Where can I get further information?

Contact ASIC's infoline on 1300 300 630 or make an enquiry at www.asic.gov.au/question.
Go to www.asic.gov.au/rg for copies of regulatory guides referred to in this information sheet.

Important notice

Please note that this information sheet is a summary giving you basic information about a particular topic. It does not cover the whole of the relevant law regarding that topic, and it is not a substitute for professional advice.

You should also note that because this information sheet avoids legal language wherever possible, it might include some generalisations about the application of the law. Some provisions of the law referred to have exceptions or important qualifications. In most cases your particular circumstances must be taken into account when determining how the law applies to you.

This is Information Sheet 17 (INFO 17). Information sheets provide concise guidance on a specific process or compliance issue or an overview of detailed guidance.

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