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Audit Requirements

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Last amended: 9 October 2006

    

Who can request an audit?

An audit of the special disability trust (SDT) can be requested by the principal beneficiary, an immediate family member, the legal guardian, or financial administrator of the principal beneficiary and the Repatriation Commission. An audit can be requested at any time and must be for at least a whole financial year, up to a maximum period of five financial years.

When must the audit be conducted?

The trustees must, within a reasonable time after receiving a request for an audit, carry out the audit, or if an audit has already been carried out for the relevant period, must give a copy of that audit report to the person making the request.

What must the audit include?

An audit must include the following information:

  • a statement that the trust's financial statements give a true and fair view of the trust's financial position,
  • a statement indicating whether the trust has met the requirements of all the provisions of the deed of trust (if the person requesting the audit does so to determine whether the trustees have met the requirements of all provisions of the deed of trust), and
  • a statement indicating whether the trust has met the requirements of specified provisions of the deed of trust (if the request for audit is to determine whether the trustees have met the requirements of specified provisions of the deed of trust).


According to section 52ZZZW of the VEA, a special disability trust is a trust that has been established solely in order to provide for the current and future care and accommodation needs of the beneficiary who is a person with a severe disability.

 

 

According to subsection 5Q(1) of the VEA, for the purposes of the means test concession, a parent or immediate family member includes:

  • natural parents,
  • legal guardians (a person who is, or was the legal guardian of the person with a severe disability while that person was under the age of 18 years),
  • adoptive parents,
  • step parents,
  • grandparents, and
  • siblings.