First financial year
What is the first financial year?
The CATSI Act says that for new corporations registered between:
- July and December, their first financial year is from their date of registration to the next 30 June. For example, if a corporation is registered on 1 November 2026, its first financial year would be 1 November 2026 to 30 June 2027. These corporations will have a first financial year of less than 12 months unless they register on 1 July.
- January and June, their first financial year is from their date of registration to the 30 June after the next 30 June so they will have a first financial year of more than 12 months. For example, if a corporation is registered on 1 February 2026, its first financial year would be 1 February 2026 to 30 June 2027.
After its first financial year, a new corporation has a standard financial year (1 July to 30 June) unless it has an exemption.
Corporations transferring from another incorporation statute have a standard financial year for their first financial year under the CATSI Act (1 July to 30 June) unless:
- they came into existence after the most recent 1 July – in this case their first financial year under the CATSI Act would be from the day they came into existence until the next 30 June (i.e. less than 12 months)
- they have an exemption.
What are our reporting and meeting requirements for the first financial year?
The CATSI Act says all corporations are required to hold a general meeting within 3 months of registering.
For their first financial year, corporations have to:
- lodge any reports by 31 December in the year after their registration
- hold their AGM by 30 November in the year after their registration.
The following table is an example of when you have to lodge your reports by and when you have to hold your AGM depending on the month in which the corporation was registered:
| Registration date between | Lodge reports by | Hold first GM | Hold AGM by |
| July to December 2026 | 31 December 2027 (Report covers the period of date of registration to 30 June 2027) | October to December 2026 (Within 3 months of registration) | 30 November 2027 |
| January to June 2026 | 31 December 2027 (Report covers the period of date of registration to 30 June 2027) | May to June 2026 (Within 3 months of registration) | 30 November 2027 |
These dates may change if the corporation has an extension or an exemption.
While the CATSI Act says corporations that register between January and June do not have to lodge any reports until the following year, the Registrar encourages these corporations to lodge at least a general report by 31 December of the calendar year in which they were registered.
The Registrar believes the benefits of lodging a general report outweigh the costs. You can find out more in the Registrar's position statement on reporting.
