8Meaning of reporting period

8 Meaning of reporting period

(1) Subject to subsections (2) and (4), each of the following is a reporting period for a reporting entity: (a) the first 6 months of each financial year for the entity in which the entity is a reporting entity; (b) the remainder of each such financial year. Volunteering entities (2) If a volunteering entity becomes a reporting entity on a day in a financial year for the entity that is not the first day of that financial year, any part of that financial year before the day the entity becomes a reporting entity is not a reporting period, or part of a reporting period, for the entity. Reporting nominees (3) A reporting period for a reporting nominee is any period, in a financial year, to which both of the following apply: (a) a determination under subsection 10L(1) is in effect for the entity for the whole of the period; (b) the period would be a reporting period for the reporting nominee if the reporting nominee were a reporting entity for the whole of the financial year (subject to subsection (4)). Reporting periods where an entity’s financial year changes (4) If: (a) a reporting entity’s financial year changes; and (b) as a result of the change, the entity has a financial year that is longer or shorter than 12 months; then, subject to subsection (2), the entity has the following reporting periods in that financial year: (c) if there is a period of 6 months that begins at the start of the financial year and falls entirely within the financial year—that period; (d) subject to subsection (5)—each subsequent period (if any) of 6 months that falls entirely within the financial year; (e) any period of less than 6 months that remains in the financial year after applying paragraphs (c) and (d). (5) If: (a) section 323D of the Corporations Act 2001 applies to a reporting entity; and (b) a financial year of the entity is made longer under subsection (2) of that section; then the period of 6 months mentioned in paragraph (4)(d) of this section, as it applies to that financial year, is taken to include the days by which the financial year was made longer.

Note: Subsection 323D(2) of the Corporations Act 2001 provides for the financial years of certain kinds of entities to be made longer (or shorter) by a period of not more than 7 days.