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SOCIAL SECURITY ACT 1991 - SECT 1209T

Audit requirements

Trustee duties

             (1)  The trustees of the trust must, within a reasonable time after receiving a request under subsection (3):

                     (a)  cause an audit of the trust to be carried out in relation to the period mentioned in subsection (2); or

                     (b)  if, at the time of the request for the audit, an audit (the earlier requested audit ) of the trust had already been carried out, or was being carried out, for the purpose of this section in relation to that period--give a copy of the report of the earlier requested audit to the person making the request.

Audit period

             (2)  The audit must relate to:

                     (a)  the financial year ending on the 30 June last preceding the request; or

                     (b)  if a determination is made under subsection (7) that provides for a different period--that period.

Who may request audit

             (3)  The following persons may request an audit of the trust for the purposes of this section:

                     (a)  the principal beneficiary;

                     (b)  an immediate family member of the principal beneficiary;

                     (c)  a person who is, under the law of the Commonwealth, a State or a Territory, the legal guardian or financial administrator of the principal beneficiary;

                     (d)  a person who is otherwise acting as the principal beneficiary's guardian on a long-term basis;

                     (e)  the Secretary.

Note:          For immediate family member , see subsection 23(1).

Copies of audit report

             (4)  If an audit report for a trust is given to the trustees for the purpose of subsection (1), the trustees must, within a reasonable time, give a copy of the report to:

                     (a)  the person requesting the audit; and

                     (b)  if the guardian or administrator mentioned in paragraph (3)(c) did not request the audit--the guardian or administrator; and

                     (c)  if the Secretary did not request the audit--the Secretary.

Auditor qualifications and required information

             (5)  The audit must be prepared by:

                     (a)  if a determination is made under subsection (7) that requires such audits to be prepared by a person with stated qualifications--such a person; or

                     (b)  whether or not such a determination is made--a person approved by the Secretary for the purpose.

             (6)  If a determination is made under subsection (7) that requires audits requested under this section to include information of a stated kind, the audit must include information of that kind.

             (7)  The Secretary may, by legislative instrument, make determinations for the purposes of this section.



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