2.9 Newly established and disestablished Crown entities and transferred operations
There are occasions when the annual report may cover a longer or shorter period than normal, such as when a Crown entity is established or disestablished during the financial year or when operations are transferred to another entity. These are discussed below.
2.9.1 First annual report of newly-established Crown entities
Statutory requirement: Section 45I of the PFA:
(1) The Minister may (at the Minister's discretion) exempt an entity that is established within 4 months before the end of a financial year from the obligation to provide an annual report for that financial year.
(2) …
(3) An entity that is exempted under subsection (1) must, as soon as practicable after the end of the next financial year, provide an annual report that covers the period from the date on which it is established until the end of that next financial year.
(4) To avoid doubt, the annual report referred to in subsection (3) must contain the information required to be included in the entity's annual report (except that the information must be in respect of the period referred to in that subsection).
(5) Subsections (1) to (4) also apply to an entity that, within 4 months before the end of a financial year, becomes subject to the requirement to provide an annual report for presentation to the House of Representatives.
The Minister of Finance may exempt a newly established Crown entity from the requirement to provide an annual report, where the Crown entity has been established within four months before the end of a financial year.
Where an exemption has been granted, the first annual report for the following year must cover the entire period of the Crown entity's operations to that date.
Where an exemption is sought, the Crown entity should contact its monitoring department in the first instance. That monitoring department should liaise with the Treasury.
