Trustee’s accounting functions
47 Trustee’s accounting functions
The trustee of trust land must keep proper books of account and have the books annually audited by a—
member of CPA Australia who is entitled to use the letters ‘CPA’ or ‘FCPA’; or
member of The Institute of Chartered Accountants in Australia who is entitled to use the letters ‘CA’ or ‘FCA’; or
member of the Institute of Public Accountants who is entitled to use the letters ‘MIPA’ or ‘FIPA’; or
person approved by the chief executive.
The trustee must give a copy of the audited financial statement to the chief executive within 28 days after it has been finished.
Subsections (1) and (2) apply only to trusts receiving yearly income from the trust land greater than an amount prescribed under the regulations.
If subsections (1) and (2) do not apply to a trust, the Minister may ask the trustees to give the Minister a report of the financial activities of the trust.
This provision refers to the regulations (prescribed under the regulations
). Made under this Act:
This Act’s bill:Explanatory memorandum
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.