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TORRES STRAIT ISLANDER LAND REGULATION 2011 - REG 28
Annual financial statement
28 Annual financial statement
(1) A land trust must, by 30 September each year, prepare and adopt an annual
financial statement for the financial year most recently ended, if the land
trust’s total income from all sources for that financial year is more than
$20000.
(2) If a land trust prepares and adopts an annual financial statement
under subsection (1) , the land trust must, by 31 December in the year it is
adopted, give the chief executive— (a) a copy of the statement; and
(b) a
declaration, in the approved form, about the financial operation of the land
trust for the financial year.
(3) Each annual financial statement prepared
under this section must include the following— (a) a balance sheet;
(b) a
profit and loss statement;
(c) other information or documents the land trust
considers relevant to the financial operation of the land trust.
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