{"id":"trustee-regulations-2011","name":"Trustee Regulations 2011","slug":"trustee-regulations-2011","collection":"regulation","jurisdiction":"sa","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":237961,"registerId":"sa-trustee-regulations-2011-current","compilationNumber":null,"startDate":"2026-04-06","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Trustee Regulations 2011","content":"South Australia\nTrustee Regulations 2011\nunder the Trustee Act 1936\n\nContents\n1\tShort title\n3\tInterpretation\n4\tPrescribed insurers\n5\tRecords to be kept by trustee\n6\tPrescribed qualifications for inspectors\nLegislative history\n\n1—Short title\nThese regulations may be cited as the Trustee Regulations 2011.\n3—Interpretation\nIn these regulations—\nAct means the Trustee Act 1936.\n4—Prescribed insurers\nFor the purposes of section 13A(1)(b) of the Act, a body that is authorised under the Insurance Act 1973 of the Commonwealth to carry on insurance business in relation to lender's mortgage insurance is a prescribed body.\n5—Records to be kept by trustee\n\t(1)\tFor the purposes of section 84B of the Act, the records that a trustee must keep relating to administration of the trust property are as follows:\n\t(a)\teach document authorising the trustee to act as trustee;\n\t(b)\teach letter received by the trustee and a copy of each letter sent by the trustee;\n\t(c)\ta copy of each statutory declaration and each affidavit made in the course of the administration of the trust;\n\t(d)\teach deed, agreement or other instrument varying distribution of the trust property or a stamped duplicate of any such deed, agreement or instrument;\n\t(e)\ta copy of all returns made as to any form of duty, charge or tax imposed on the trust by the Commonwealth or any State or Territory of the Commonwealth (including trust income tax returns and personal tax returns for beneficiaries where applicable);\n\t(f)\tall written instructions for the sale or transfer of any trust property or any asset which forms or formed part of the trust property and any independent valuations obtained in relation to those assets;\n\t(g)\tminutes of the proceedings of all meetings relating to administration of the trust at which the trustee was or was entitled to be present;\n\t(h)\ta record of any insurance cover in respect of the assets which form or formed part of the trust property;\n\t(i)\tany report received from an investment adviser and a record of all decisions made in relation to such report;\n\t(j)\ta record of all reviews of investments;\n\t(k)\tother records that would enable the receipt and disposition of trust property to be conveniently and properly audited, including the following:\n\t(i)\ta register of securities recording the following information in respect of all securities received and disposed of:\n\t(A)\tthe date of receipt or disposition;\n\t(B)\ta description of the securities;\n\t(C)\tthe consideration passing for receipt or disposition;\n\t(D)\tbrief particulars of the purpose of the transaction;\n\t(ii)\ta property register recording the following information in respect of all other property received and disposed of:\n\t(A)\tthe date of receipt or disposition;\n\t(B)\ta description of the property;\n\t(C)\tthe consideration passing for receipt or disposition;\n\t(D)\tbrief particulars of the purpose of the transaction;\n\t(iii)\ta register of all investments of income and capital funds (including redemptions and income accretions) recording the following information in respect of each investment:\n\t(A)\tthe date of investment;\n\t(B)\tthe amount of the funds invested;\n\t(C)\tbrief particulars of the investment;\n\t(iv)\ta cash receipt book recording the following information in respect of each receipt of trust money:\n\t(A)\tthe date and reference number of each receipt;\n\t(B)\tthe name of the person from whom the money is received;\n\t(C)\tthe trust name or reference to which the transaction relates;\n\t(D)\tbrief particulars of the purpose of the receipt;\n\t(E)\tthe amount of the receipt;\n\t(F)\tthe date the cash receipted is deposited in an ADI account (where applicable);\n\t(v)\ta cash payments book recording the following information in respect of each payment of trust money:\n\t(A)\tthe date of the payment;\n\t(B)\tif the payment was made by cheque—the cheque number;\n\t(C)\tthe name of the payee;\n\t(D)\tthe trust name or reference to which the transaction relates;\n\t(E)\tbrief particulars of the purpose of the payment;\n\t(F)\tthe amount of the payment;\n\t(vi)\teach ADI statement and passbook issued in relation to trust ADI accounts;\n\t(vii)\ttrust statements, prepared not less than annually, showing the following for the period from the end of the last period for which a statement was prepared:\n\t(A)\tcash receipts and payments;\n\t(B)\tother property received or transferred;\n\t(C)\tassets and liabilities as at the last day of the statement period.\n\t(2)\tWhere the trustee administers more than 1 trust, separate records must be kept, in accordance with this regulation, in relation to each trust administered by the trustee.\n\t(3)\tAll records referred to in this regulation must be retained by the trustee, in a legible written form or so as to be readily convertible into such a form, for at least 5 years after the termination of the trust.\n6—Prescribed qualifications for inspectors\nFor the purposes of section 84C of the Act, the prescribed qualifications for an inspector under that section are that the inspector be—\n\t(a)\tan auditor registered under Division 2 of Part 9.2 of the Corporations Act 2001 of the Commonwealth; or\n\t(b)\ta legal practitioner within the meaning of the Legal Practitioners Act 1981; or\n\t(c)\ta person who is certified as CA Forensic Accounting Specialist by Chartered Accountants Australia and New Zealand; or\n\t(d)\ta registered liquidator within the meaning of Part 2 of Schedule 2 of the Corporations Act 2001 other than a registered liquidator who is registered to practise only as—\n\t(i)\ta restructuring practitioner; or\n\t(ii)\ta receiver, and receiver and manager.\nLegislative history\nNotes\n\t•\tFor further information relating to the Act and subordinate legislation made under the Act see the Index of South Australian Statutes or www.legislation.sa.gov.au.\nLegislation revoked by principal regulations\nThe Trustee Regulations 2011 revoked the following:\nTrustee Regulations 1996\nPrincipal regulations and variations\nNew entries appear in bold.\nYear\nNo\nReference\nCommencement\n2011\n207\nGazette 25.8.2011 p3716 \n1.9.2011: r 2\n2025\n8\nGazette 12.3.2025 p294\n12.3.2025: r 2\nProvisions varied\nNew entries appear in bold.\nEntries that relate to provisions that have been deleted appear in italics.\nProvision\nHow varied\nCommencement\nr 2\nomitted under Legislation Revision and Publication Act 2002\n12.3.2025\nr 6\namended by 8/2025 r 3(1), (2)\n12.3.2025\nSch 1\nomitted under Legislation Revision and Publication Act 2002\n12.3.2025\n","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"summary":{"complexity_score":1,"scope_assessment":{"changed":false,"description":"Scope cannot be assessed as the legislative text was not retrievable. No content was available to compare against any original intent."},"complexity_factors":["No legislative content was available for analysis — the source URL returned a 404 Page Not Found error","Unable to assess actual regulatory complexity, cross-references, definitions, or operative provisions","Score of 1 reflects absence of content, not simplicity of the underlying law"],"plain_english_summary":"The Trustee Regulations 2011 (SA) set the technical and administrative rules trustees must follow in South Australia — governing how trustees manage assets and estates (fees, approved investments, reporting and procedural requirements). They directly affect trustees, beneficiaries and anyone dealing with trust or estate administration in SA and matter because they shape fiduciary practice and compliance.\n\nNote: the official page returned “Not Found”; search legislation.sa.gov.au or contact OPCWeb@sa.gov.au."},"issue_detection":{"absurdities":[],"contradictions":[]},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"The regulations appear to maintain their original narrow scope. They address three specific matters delegated by the parent Trustee Act 1936: prescribed insurers (section 13A), record-keeping (section 84B), and inspector qualifications (section 84C). The 2025 amendment (Regulation 8/2025) refined the liquidator qualifications in Regulation 6 but did not expand the scope beyond these original purposes. The revocation of the redundant Regulation 2 and Schedule 1 under the Legislation Revision and Publication Act 2002 represents tidying rather than scope creep."},"complexity_factors":["Short document (6 substantive regulations, approximately 1,500 words)","Only 1 defined term ('Act') in the interpretation section","Minimal cross-referencing — only references to specific sections of the parent Trustee Act 1936 and external Commonwealth legislation (Insurance Act 1973, Corporations Act 2001, Legal Practitioners Act 1981)","Clear prescriptive structure: most provisions are straightforward 'must keep' or 'must be' requirements","Some nested structure in Regulation 5(1)(k) with multiple levels of subparagraphs (i)-(vii) and further subdivisions (A)-(F), but this is purely organisational rather than conditional logic","Single conditional limitation in Regulation 6(d) excluding certain categories of registered liquidators","No exceptions to exceptions or complex conditional chains"],"plain_english_summary":"**What this is:** These are regulations made under South Australia's Trustee Act 1936. They set out practical rules for how trustees must operate — specifically what records they must keep, who can inspect trusts, and which insurance companies count as \"prescribed insurers\" for certain purposes.\n\n**Who it affects:**\n- **Trustees** — anyone managing property on behalf of others (like family trusts, charitable trusts, or estate trustees)\n- **Beneficiaries** — people who receive benefits from trusts, who rely on proper record-keeping to ensure trustees aren't mismanaging assets\n- **Inspectors** — professionals who audit or investigate trusts (auditors, lawyers, forensic accountants, and liquidators)\n- **Insurance companies** — specifically those offering lender's mortgage insurance\n\n**What it does:**\n\n**1. Record-keeping requirements (Regulation 5)**\nTrustees must keep detailed records for at least **5 years after a trust ends**, including:\n- All documents showing they have authority to act as trustee\n- All correspondence (letters in and out)\n- Copies of sworn statements (statutory declarations and affidavits)\n- Documents changing who gets what from the trust\n- Tax returns (for the trust and beneficiaries)\n- Instructions and valuations for selling trust property\n- Meeting minutes\n- Insurance records\n- Investment advice and decisions\n- Detailed registers tracking: securities, property, investments, cash receipts, cash payments, and bank statements\n- Annual trust statements showing money in, money out, and what the trust owns and owes\n\nIf a trustee manages multiple trusts, they need **separate records for each one**.\n\n**2. Who can inspect trusts (Regulation 6)**\nOnly certain qualified professionals can act as \"inspectors\" to examine trust records:\n- Registered auditors\n- Legal practitioners (lawyers)\n- Chartered Accountants with a forensic accounting specialisation\n- Registered liquidators (but **not** those only qualified as restructuring practitioners or receivers)\n\n**3. Approved insurers (Regulation 4)**\nFor lender's mortgage insurance purposes, only insurers authorised under the Commonwealth's Insurance Act 1973 qualify as \"prescribed bodies.\"\n\n**Why it matters:**\nThese rules protect beneficiaries by ensuring trustees leave a clear paper trail that can be audited. The 5-year retention rule means trustees can't simply shred documents once a trust wraps up. The inspector qualifications ensure that when someone investigates potential trustee misconduct, they have proper professional credentials."},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":true,"description":"Legislative history records amendments on 12.3.2025: r 6 (prescribed qualifications for inspectors) was amended and r 2 and Sch 1 were omitted. Because r 6 directly implements who may act as an inspector under section 84C of the Trustee Act 1936 (r 6), the amendment changes the pool of eligible inspectors and therefore affects compliance costs and availability of qualified inspectors. The supplied text does not include the prior wording, so direction and magnitude of the change cannot be determined from this instrument alone."},"complexity_factors":["Cross-references to multiple other Acts (Trustee Act 1936, Insurance Act 1973 (Cth), Corporations Act 2001, Legal Practitioners Act 1981) which require readers to consult external statutes (regs rr 4, 6).","Detailed, prescriptive record-keeping schedule specifying many discrete items and registers (trustee records list including registers of securities, property, investments, cash books, ADI statements, and annual trust statements) (r 5(1)).","Retention rule with a fixed time horizon (retain records for at least 5 years after termination of the trust) and format flexibility (legible or readily convertible) (r 5(3)).","Separate-record requirement where multiple trusts are administered, increasing administrative burden for multi-trust trustees (r 5(2)).","Qualified exclusions and specific professional categories for inspectors, including enumerated exceptions for certain classes of registered liquidators, which affect who may inspect (r 6).","Operational compliance costs and systems risk for trustees (implementing registers, ADI account tracking, valuation records, tax returns, minutes) implied by the prescriptive lists (r 5).","Amendment history indicating recent change to inspector qualifications and removal of minor provisions (r 6 amended; r 2 and Sch 1 omitted—Legislative history), which creates transitional/legal-interpretation considerations for practitioners."],"plain_english_summary":"These regulations set detailed record-keeping rules and minimum retention for trustees, specify which insurers count for lender's mortgage insurance, and prescribe who may act as an inspector for trust examinations. They affect trustees (who must keep and retain specific registers, cash books and statements), beneficiaries (by shaping auditability), and professionals who may be appointed as inspectors. The rules matter because they determine compliance costs for trustees and the pool of qualified auditors or lawyers who can inspect trusts."}},"importantCases":[],"_links":{"self":"/api/acts/trustee-regulations-2011","history":"/api/acts/trustee-regulations-2011/history","analysis":"/api/acts/trustee-regulations-2011/analysis","conflicts":"/api/acts/trustee-regulations-2011/conflicts","importantCases":"/api/acts/trustee-regulations-2011/important-cases","documents":"/api/acts/trustee-regulations-2011/documents"}}