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LAND ACT 1994 - SECT 47
Trustee’s accounting functions
47 Trustee’s accounting functions
(1) The trustee of trust land must keep proper books of account and have the
books annually audited by a— (a) member of CPA Australia who is entitled to
use the letters ‘CPA’ or ‘FCPA’; or
(b) member of The Institute of
Chartered Accountants in Australia who is entitled to use the letters ‘CA’
or ‘FCA’; or
(c) member of the Institute of Public Accountants who is
entitled to use the letters ‘MIPA’ or ‘FIPA’; or
(d) person approved
by the chief executive.
(2) The trustee must give a copy of the audited
financial statement to the chief executive within 28 days after it has been
finished.
(3) Subsections (1) and (2) apply only to trusts receiving yearly
income from the trust land greater than an amount prescribed under the
regulations.
(4) If subsections (1) and (2) do not apply to a trust, the
Minister may ask the trustees to give the Minister a report of the financial
activities of the trust.
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