Abstract of Accounts
Under Section 52 of the Act, cemetery trusts are required to submit a financial report each year to the Department of Health & Human Services by 1 September. The report, known as the Abstract of Accounts, is to give a true and fair view of the financial position and performance of a trust, for the reporting period.
All sections of the Abstract are to be completed or where appropriate, marked N/A (not applicable) or NIL. Copies of bank and investment account statements relating to the reporting period are to be submitted with the Abstract.
The Abstract contains a statutory declaration which is to be signed by three trust members and an authorised witness, prior to it being submitted.
Trusts with a total income of $100,000 up to $1 million (inclusive) are to have their financials reviewed in accordance with the Australian Auditing Standards on Review Engagement by a professionally recognised accountant.
Trusts with a total income above $1 million are to have their financials audited by a registered auditor or a professionally recognised accountant.
If a review or audit report is required, a copy of this report must also be submitted with the Abstract.An Abstract checklist has been developed to assist trusts with the preparation and submission of the Abstract of Accounts.