Abstract of Accounts
The financial year for trusts ends on 30 June. Section 52 of the Act requires that an Abstract detailing the financial transactions for that year be signed as correct by three trust members and witnessed, and lodged with the Department of Health by the following 1 September. This is to be accompanied by copies of bank statements with balances of accounts and investments for that year.
If the trust has income or expenditure of $50,000 or less the abstract must be verified by a statutory declaration (last page on abstract form) that is signed by at least three members of the trust and witnessed as a statutory declaration before being forwarded to the department.
All sections of the Abstract of Accounts form need to be completed, or marked “not applicable” (N/A) or “nil”, where appropriate.
The checklist has been developed to assist in the preparation and submission of the annual Abstract of Accounts due 1 September each year.