Document ID: chunk:federal_register_of_legislation:F2017L01201:body:0:p3
Version: federal_register_of_legislation:F2017L01201
Segment Type: other
Provision Reference: 
Character Range: 5576–8367

Corporations Act 2001, is disqualified from managing a corporation.

2 Billing agent to give copy of annual report
    (1) This section applies to an applicant applying for approval because his, her or its existing approval has expired or is about to expire.
    (2) The Chief Executive Medicare must not approve the applicant unless the applicant:
         (a) has given the Department of Human Services a copy of an annual report, prepared by a qualified person, for the financial year that immediately precedes the financial year in which the application is made; or
         (b)               if the report is not yet available at the time application is made - undertakes to give the Chief Executive Medicare a copy before
         30 September in the financial year in which the application is made.
    (3) The annual report must include the following information about the applicant:
(a) a profit and loss statement;
(b) a cash flow statement;
(c) a balance sheet showing assets and liabilities.
(4) The annual report must include a certification by the qualified person:
(a) that the information in the report is accurate (if that is the case); and
         (b) that the trust account mentioned in section 9 has been operated in accordance with relevant laws of the State or States in which the applicant operates the trust account.
    (5) For this section, qualified person means a person who is not an officer or employee of the applicant and who is registered as an auditor, or taken to be registered as an auditor, under Part 9.2 of the Corporations Act 2001.

3 Billing agent must keep trust account
    (1) The Chief Executive Medicare must not approve an applicant unless the applicant has given the Chief Executive Medicare details of a trust account kept for all amounts received by the applicant as a billing agent.
(2) Subject to subsection 3(2), the trust account must be:
         (a)                established with a bank; and
         (b)               conducted separately from all other accounts conducted by the applicant.

    (3) If the applicant is unable to create a separate trust account for amounts received by the applicant as a billing agent, the trust account need not be conducted separately from all other accounts conducted by the applicant provided that:
(a)               the account is compartmentalised or maintained in such a way as to keep amounts received by the applicant as a billing agent separate from all other amounts; and
(b)               it is not inconsistent with any law of the Commonwealth or any law of a State to operate the trust account in this way.
    (4) The information given to the Chief Executive Medicare about the trust account must include:
(a) the name and number of the account, and
         (b) the name, address