Changing the financial yearend

We have so many February yearends and this messes up the schedule of AGMs that get delayed. Surely the Trustees can just decide to change the financial yearend of the complex?

The problem with February yearends is that there are so many that all Auditors are overloaded with them.  This means that Feb audits take longer and are also more expensive. 

The reason there are so many Feb yearends is that the Act used to state that all ST schemes by default will have Feb yearends.  This was changed with the STSM Act since 7 Oct 2016.

The STSM Act now states the following:

PMR 21. (1)  The financial year of a body corporate established after the Act comes into operation must run from the first day of October of each year to the last day of September of the following year unless otherwise resolved by the body corporate in general meeting.

The last part then answers our question on how to change the yearend of the complex.

It can only be done by ordinary resolution at a general meeting.

Before deciding which month to propose to your Trustees rather chat with your Bookkeepers first.