Document ID: chunk:federal_register_of_legislation:F2023L01323:reg:9
Version: federal_register_of_legislation:F2023L01323
Segment Type: reg
Provision Reference: reg 9
Character Range: 6632–8884

9  Information that must be included in financial statements

       (1)      For subsection 1209S(3) of the Act, the financial statements about the trust must include:

         (a)    a profit and loss statement for the relevant financial year; and

         (b)   a balance sheet with applicable notes for the relevant financial year; and

         (c)    notes that disclose:

              (i)            the basis on which the financial statements were prepared, including whether they comply with the requirements of the Act and the trust deed; and

              (ii)            the material accounting policies applied in the financial statements and the nature and extent of any changes in those accounting policies, including the reasons why applying the new accounting policy provides more relevant and reliable information; and

         (d)    if necessary, a depreciation schedule for each class of trust assets for the relevant financial year.
       (2)      Financial statements given in accordance with section 1209S of the Act and this Part must give a true and correct view in all material particulars of the trust's financial position and performance as at 30 June of the relevant financial year.
       (3)      The financial statements about the trust must include a statement to the effect that, for the relevant financial year:

         (a)    all amounts paid out of the trust (other than amounts paid for reasonable administration expenses and taxation) were paid:

              (i)            to meet reasonable care and accommodation needs of the principal beneficiary; or

              (ii)            for other purposes, ancillary to meeting the reasonable care and accommodation needs of the principal beneficiary, that are necessary or desirable to facilitate the meeting of those needs; or

              (iii)            for other purposes that are primarily for the benefit of the principal beneficiary; and

         (b)   no amount was paid out of the trust for:

              (i)            purposes other than those mentioned in subparagraph (a)(i),(ii) or (iii); or

              (ii)            services provided to the principal beneficiary by an immediate family member of the principal beneficiary.