170Accounts need not be audited in certain circumstances

170 Accounts need not be audited in certain circumstances (1) This section applies to the accounts of a retirement village prepared under section 169 for a financial year if the total of the recurrent charges collected in relation to the village for the financial year are less than— (2) The operator of the retirement village— (a) need not have the accounts audited if the residents of the village consent; but (b) must instead— (i) comply with the requirements of section 169 (other than section 169 (3), (4) and (5)); and (ii) include a statement about whether the operator will be able to meet the liabilities relating to the village when they become due during the financial year immediately following. Note It is an offence to make a false or misleading statement, give false or misleading information or produce a false or misleading document (see Criminal Code, pt 3.4).

(3) The residents consent remains in force until the earlier of— (a) the day the total of the recurrent charges collected for the retirement village for a financial year is— (i) the amount prescribed by regulation or more; or (ii) if no amount is prescribed by regulation—$50 000 or more; and (b) the residents revoke the consent. (4) The residents may revoke the consent at any time.