Document ID: chunk:federal_register_of_legislation:C2006A00082:clause:7_1209t
Version: federal_register_of_legislation:C2006A00082
Segment Type: clause
Provision Reference: sch 7 cl 1209T
Character Range: 45158–47578

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.