41 Meaning of balance date

(1)

The balance date of a specified entity is the close of—

(a)

31 March; or

(b)

any other date that the directors of the entity adopt as the entity’s balance date with the approval of the Commissioner of Inland Revenue.

(2)

However, if, immediately before the commencement of this section, a specified entity has a balance date (or a last day of a financial year) other than 31 March (whether under the Financial Reporting Act 1993 or otherwise), the balance date of the entity continues to be that date (until the entity changes its balance date).

(3)

If a specified entity is affected by an Act that defines the balance date or the financial year of the entity, the balance date of the entity is that balance date or the last day of that financial year (for example, the balance date of a Crown entity under the definition of financial year in section 136(1) of the Crown Entities Act 2004 is 30 June or any other date determined for that entity by the Minister of Finance).