Trust to keep accounting records
41 Trust to keep accounting records
A trust must:
keep such accounting records as correctly record and explain the transactions of the trust and its financial position, and
keep its accounting records in such a manner as will enable:
the preparation from time to time of true and fair accounts of the trust, and
the accounts of the trust to be conveniently and properly audited in accordance with this Act.
A trust must retain the accounting records kept under this section for a period of 7 years after the completion of the transactions to which they relate.
A trust must keep its accounting records in writing in the English language or so as to enable those records to be readily accessible and readily convertible into writing in the English language.
If a trust fails to comply with a requirement of this section, every member of the trust board, or of the local authority that is managing the trust’s affairs, who is in default is guilty of an offence.
Maximum penalty: 10 penalty units.
This Act’s bill:Explanatory memorandum
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