Cooinda [2025] QBCCMCmr 117 (3 April 2025)

FINANCIAL YEAR - whether the body corporate should be permitted to change the date for its financial year.

Act, s 227(2), 283

1. For the purposes of the Act and with the consent of the body corporate, the financial year end date of the Body Corporate for Cooinda CTS 10819 is now 30 June of each year, and each new financial year will commence on 1 July.

• [1] The Body Corporate for Cooinda CTS 10819 seeks an order changing the end date for the scheme's financial year.
• [2] A body corporate's financial year end date is important because the legislation sets several time limits using that date as a point of reference. For example, the body corporate must hold its annual general meeting within three months of the financial year end date.[1]
• [3] The applicant says it is unable to determine its financial year end date because of legislative changes and because certain body corporate records have been misplaced. It wishes to ensure compliance with the legislation by establishing a date for its financial year end.

• [4] Cooinda CTS 10819 (Cooinda) is located in Redcliffe and comprises of 3 lots and common property. The applicant says all 3 lots are currently owned by one entity. The community management statement (CMS) shows the Standard Module applies.
• [5] The applicant says:

Unfortunately, we have been unable to determine the current Body Corporate Financial Year as it was registered by BUP 4367 on 15 September 1981 and there have been a number of legislative changes since then.

Further the Body Corporate records have been misplaced over the years so we are unable to determine the date of the 1st AGM.

Due to the above, the current Owners wish to ensure proper compliance with the requirements of the Body Corporate and Community Management Act and to do this need to ensure that a financial year end can be established.

• [6] The applicant provides a copy of the minutes from a general meeting held in November 2024 to show the body corporate resolved, by 3 votes in favour and none against, to:

... adopt a Financial Year from 1st July to 30 June and [its body corporate manager] be authorised to lodge a request with the Office of the Commissioner for Body Corporate and Community Management requesting the new financial year be adopted.

• [7] The financial year end date for a body corporate registered pursuant to the Act is set by reference to the date when the scheme is first established. For older schemes, however, the anniversary date of the first annual general meeting (AGM) may become relevant.[2]
• [8] Under the applicable legislation, the Body Corporate for Cooinda was required to hold its first annual general meeting (AGM) within three months of the registration of the scheme.[3]
• [9] The applicant says it cannot locate records of its first AGM and does not know when it was held. For that reason, it now seeks an order authorising it to change the date of its financial year end from the unknown date to 30 June each year.
• [10] Where the body corporate consents, an Adjudicator is empowered to make an order to change the body corporate's financial year end date and the dates when later financial years begin.[4]
• [11] I am satisfied from the minutes of a general meeting of the body corporate held in November 2024 that the body corporate passed Motion 2 and thereby consented to the making of this application for an order to change the date of its financial year end. I am satisfied, therefore, that the Body Corporate for Cooinda has consented to the change.
• [12] I am also satisfied it is appropriate to make the requested order in circumstances where:
  1. the scheme was registered more than 40 years ago,
  2. it appears the records of its first AGM (and likely other body corporate records) were not retained,
  3. the body corporate is now taking steps to comply with its obligations under the Act, and
  4. setting a date for the financial year end would add certainty and assist the body corporate in complying with the legislation.
• [13] For the above reasons, I have made the requested order.

[1] Section 83 of the Standard Module

[2] See Schedule 6 of the Act, defining "financial year" and, for schemes registered under the Building Units and Group Titles Act 1980 (BUGT Act), where reference is made to anniversaries of the first AGM