Financial year defined by the Corporations Act 2001?

The Corporations Act 2001 defines a financial year as a period of 12 months that ends on the date chosen by a company as its financial year-end, commonly concluding on June 30. All companies must prepare financial reports for this period, ensuring they comply with relevant accounting standards. Generally, companies must also notify the Australian Securities and Investments Commission (ASIC) of their chosen financial year-end. In the absence of a specific choice, the default financial year is considered to be from July 1 to June 30.