295Financial year

#### 295 Financial year 295 Financial year (cf Corporations Act s 323D) > > (1) 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. > > > (2) 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. > > > (3) On an amendment of the rules of a co-operative amending its financial year, the amendment may provide either— > > > > > (a) that the current financial year (as at the date of the amendment) is to be extended for not more than 6 months; or > > > > > (b) that the next financial year is to be a period of more than one year but not more than 18 months. > > > (4) Without limitation, the National 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.