60‑85 Commissioner may approve a differe60‑85 Commissioner may approve a different accounting period

#### 60‑85 Commissioner may approve a different accounting period (1) The Commissioner may allow a registered entity to adopt an accounting period which is a period of 12 months ending on a day other than 30 June (that is, a 12‑month period that does not align with the financial year), if the registered entity applies to the Commissioner in the approved form. (2) If the registered entity adopts such an accounting period, this Division applies in relation to a financial year that starts after the entity adopts the new accounting period as if: (a) each reference in this Division (not including this section) and sections 205‑25 and 205‑35 to the financial year were a reference to the accounting period that starts during the financial year; and (b) the reference in subsections 60‑5(2) and 60‑10(2) to 31 December were a reference to the last day of the 6‑month period after the end of the accounting period. (3) A registered entity seeking to adopt such an accounting period may apply, in the approved form, to the Commissioner for the Commissioner to make a decision under subsection (1).