Commonwealth Consolidated Acts Commonwealth Consolidated ActsTrustee 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.