Document ID: chunk:federal_register_of_legislation:C2025C00167:schedule:2:p11
Version: federal_register_of_legislation:C2025C00167
Segment Type: schedule
Provision Reference: sch 2 (pt 11/95)
Character Range: 890352–893158

constitutes adequate and appropriate professional indemnity insurance, and adequate and appropriate fidelity insurance, in relation to either or both of the following:
 (a) specified circumstances;
 (b) one or more specified classes of registered trustees.

Offence
 (3) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (1); and
 (b) the person intentionally or recklessly fails to comply with the requirement.
Penalty: 1,000 penalty units.
 (4) A person commits an offence of strict liability if:
 (a) the person is subject to a requirement under subsection (1); and
 (b) the person fails to comply with the requirement.
Penalty: 60 penalty units.

Division 30—Annual trustee returns

30‑1  Annual trustee returns

Registered trustee must lodge annual return
 (1) A person who is a registered trustee during all or part of a trustee return year for the person must, within 1 month after the end of that year, lodge with the Inspector‑General a return that conforms with subsection (3).
 (2) Each of the following is a trustee return year for a person who is or was registered as a trustee under section 20‑30:
 (a) the period of 12 months beginning on the day on which that registration first began;
 (b) each subsequent period of 12 months.
 (3) A return under subsection (1) must:
 (a) be in the approved form; and
 (b) include evidence that the person has, during the whole of any period of the year during which the person was registered as a trustee, maintained:
 (i) adequate and appropriate professional indemnity insurance; and
 (ii) adequate and appropriate fidelity insurance;
  against the liabilities that the person may incur working as a registered trustee.
 (4) The Inspector‑General may, on the application of the registered trustee made before the end of the period for lodging a return under subsection (1), extend, or further extend, that period.

Offence
 (5) A person commits an offence of strict liability if:
 (a) the person is subject to a requirement under subsection (1); and
 (b) the person fails to comply with the requirement.
Penalty: 5 penalty units.
Note: See also section 277B (about infringement notices).

Division 35—Notice requirements

35‑1  Notice of significant events

Registered trustee must lodge notice
 (1) A registered trustee must lodge with the Inspector‑General a notice, in the approved form, if any of the following events occur:
 (a) the trustee becomes an insolvent under administration;
 (b) a bankruptcy notice is issued under this Act in relation to the trustee as debtor, or a corresponding notice is issued in relation to the trustee as debtor under a law of an external Territory or a law of a foreign country;
 (c) the trustee is convicted of an offence involving fraud or dishonesty;
 (d) the trustee