Public Ancillary Fund Guidelines 2011
Financial statementsFinancial statements
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Financial statements
- The trustee must prepare, or cause to be prepared, financial statements showing the financial position of the fund at the end of each *financial year.
26.1. The financial statements must be prepared in accordance with the *accounting standards.
Note: If a fund is required to prepare, and does prepare, a financial report in accordance with Subdivision 60-C of the Australian Charities and Not-for-profits Commission Act 2012, it will meet this requirement.
26.2. All transactions (except for gifts) between the fund and a founder of the fund, a donor to the fund, the trustee, a director, officer, *agent, *member or employee of the trustee, or an *associate of any of these entities must be disclosed in the financial statements.
26.3. The financial statements must be prepared before the fund is required to give to the Commissioner its *income tax return for the relevant *financial year.
PENALTY: 10 penalty units.
- The trustee must make the financial statements available to the Commissioner upon request, unless the financial statements have already been given to the Commissioner of the Australian Charities and Not-for-profits Commission.
PENALTY: 10 penalty units.