10Information that must be included in financial statements

10 Information that must be included in financial statements

(1) For subsection 52ZZZWF(3) of the Act, the financial statements for a trust must include information of the kind specified in subsections (2) to (5). (2) The financial statements must include: (a) a profit and loss statement for the trust for the relevant financial year; and (b) a balance sheet for the trust with applicable notes for the relevant financial year; and (c) notes that disclose:

(i) the basis on which the financial statements were prepared, including whether they comply with the requirements of the Act and the trust deed; and

(ii) the material accounting policies applied in the financial statements and the nature and extent of any changes in those accounting policies, including the reasons why applying the new accounting policy provides more relevant and reliable information; and

(d) if the trust has depreciating assets - a depreciation schedule for each class of trust assets held by the trust for the relevant financial year.

(3) The financial statements must give a true and correct view in all material particulars of the trust’s financial position and performance as at 30 June of the relevant financial year. (4) The financial statements must include a statement to the effect that, for the relevant financial year: (a) all amounts paid out of the trust (other than amounts paid for reasonable administration expenses and taxation) were paid: (i) to meet reasonable care and accommodation needs of the principal beneficiary; or (ii) for other purposes, ancillary to meeting the reasonable care and accommodation needs of the principal beneficiary, that are necessary or desirable to facilitate the meeting of those needs; or (iii) for other purposes that are primarily for the benefit of the principal beneficiary; and (b) no amount was paid out of the trust: (i) for purposes other than those mentioned in subparagraphs (a)(i), (ii) or (iii); or (ii) for services provided to the principal beneficiary by an immediate family member of the principal beneficiary. (5) The financial statements about the trust must be accompanied by a statutory declaration made by all trustees of the trust to the effect that all information given in the accordance with section 52ZZZWF of this Act and this Part is true and correct in all material particulars.