Obligation to lodge trust account statement and trust account audit report
100 Obligation to lodge trust account statement and trust account audit report
Requirement to prepare and lodge trust account statement
The credit service licensee must, for each financial year of the credit service licensee:
prepare a written statement in relation to the trust account (the trust account statement) in accordance with this section; and
lodge the trust account statement with ASIC in accordance with this section.
Civil penalty: 5,000 penalty units.
Requirement to prepare and lodge trust account audit report
The credit service licensee must, with the trust account statement, lodge with ASIC an auditor’s report (the trust account audit report) in accordance with this section.
Civil penalty: 5,000 penalty units.
Requirements for statement and audit report
Each of the trust account statement and trust account audit report must:
be in the approved form; and
contain the information and matters prescribed by the regulations; and
be lodged with ASIC in accordance with section 101.
The trust account audit report must be prepared by a person who complies with any eligibility requirements prescribed by the regulations.
Offence
The credit service licensee commits an offence if:
the credit service licensee is subject to a requirement under subsection (1) or (2); and
the credit service licensee engages in conduct; and
the conduct contravenes the requirement.
Criminal penalty: 5 years imprisonment.
Meaning of financial year
A financial year of the credit service licensee means:
if the credit service licensee is a body corporate to which section 323D of the Corporations Act 2001 applies—a financial year of the body corporate (within the meaning of that section); and
in any other case—a year ending on 30 June.
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