Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The regulations may require reports to be prepared by:
(a) a specified Aboriginal and Torres Strait Islander corporation; or
(b) a specified class of Aboriginal and Torres Strait Islander corporation.
(2) Regulations made for the purposes of subsection (1) may require an Aboriginal and Torres Strait Islander corporation, or each Aboriginal and Torres Strait Islander corporation included in a class of Aboriginal and Torres Strait Islander corporation, to prepare a report:
(a) for a particular period or periods; or
(b) in relation to circumstances as they exist at a particular date or dates.
This subsection does not limit subsection (1).
(3) Regulations made for the purposes of subsection (1) may require an Aboriginal and Torres Strait Islander corporation, or each Aboriginal and Torres Strait Islander corporation included in a class of Aboriginal and Torres Strait Islander corporation, to prepare either or both of the following:
(a) a financial report for a financial year;
(b) a directors' report for a financial year.
This subsection does not limit subsection (1).
First financial year
(4) Subject to subsection (4A), the first financial year for an Aboriginal and Torres Strait Islander corporation starts on the day on which it is registered and ends:
(a) on the 30 June next following that day if the corporation is registered between 1 July and 31 December; and
(b) on the second 30 June next following that day if the corporation is registered between 1 January and 30 June.
(4A) However, if the corporation is registered under Part 2 - 3 as a result of an application made under Division 22, the first financial year for the corporation is the period that:
(a) starts on:
(i) the 1 July last preceding the day on which it is registered; or
(ii) if the corporation came into existence after that 1 July--the day on which the corporation came into existence; and
(b) ends on the 30 June next following the day on which it is registered.
Financial year after the first
(5) Subsequent financial years must:
(a) start at the end of the previous financial year; and
(b) be 12 months long.