Commonwealth Consolidated Acts

SOCIAL SECURITY ACT 1991 - SECT 1209T

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.