Document ID: chunk:federal_register_of_legislation:C2024C00826:clause:1_35
Version: federal_register_of_legislation:C2024C00826
Segment Type: clause
Provision Reference: sch 1 cl 35
Character Range: 816771–817480

35  Opening balance must not exceed closing balance of previous statement
 (1) The opening balance shown in each successive statement of account must not exceed the closing balance shown in the last statement of account.
Note: A penalty may be imposed for contravention of a key requirement in this section: see Part 6.
 (2) However, if no statement of account was given for the previous period, the next statement of account required to be given by this Code may have an opening balance that exceeds the closing balance for the previous statement and must provide the particulars referred to in subsections 34(4) to (12) in relation to any immediately preceding periods for which statements were not given.