Aboriginal Lands Act 1970
18AFinancial reports
Start here
Get a plain-English read of 18A
Turn the raw legal text into a practical explanation grounded in Aboriginal Lands Act 1970.
18A Financial reports
(1) A Trust must cause to be prepared—
(a) a balance-sheet as at the end of each financial year; and
(b) a profit and loss account in respect of each financial year.
S. 18A(2) amended by No. 29/2024 s. 22(1).
(2) A balance-sheet must, when read in conjunction with a report by the committee of management under section 18B, give a true and fair view of the state of affairs of the Trust and any related entity of the Trust as at the end of the financial year.
S. 18A(3) amended by No. 29/2024 s. 22(2).
(3) A profit and loss account must give a true and fair view of the profit or loss of the Trust and any related entity of the Trust for the financial year.
(4) A balance-sheet and profit and loss account prepared under subsection (1) must be audited by the auditor of the Trust.
S. 18A(5) inserted by No. 29/2024 s. 22(3).
(5) In this section—
related entity means an entity established, acquired, operated or managed by a Trust under section 11(1)(ba).
S. 18B inserted by No. 33/2013 s. 12.