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Bodies corporate do not operate on the same financial year as the taxation system. The financial year of your body corporate is the period ending on the last day of the month before the month in which the scheme was originally established, e.g. If a body corporate were created by registration of its first community management statement in the month of May, then its financial year would end on 30 April each year, except in schemes registered prior to 13 July 1997, where the financial year ends on the last day of the month in which the first annual general meeting occurred.
financial year, of the body corporate for a community titles scheme (other than a community titles scheme established for an existing 1980 Act plan under the transitional provisions), means—
(a) the period from the establishment of the scheme until the end of the month immediately before the month when the first anniversary of the establishment of the scheme falls, and each successive period of 1 year from the end of the first financial year; or
(b) if an adjudicator changes the financial year of the body corporate—the period fixed by the adjudicator as the financial year and each successive period of 1 year from the end of the period.
