Last amended: 27 May 2011
VEA ? [2]
The trustee of a special disability trust [3] (SDT) must provide the financial statements of the trust as at 30 June of the relevant financial year [3]. The financial statements must include information which complies with the Australian Accounting Standards, including:
Note: A copy of the trust tax return for the relevant financial year must also be provided.
A statutory declaration must be included confirming that:
The financial statements and statutory declaration must be provided on or before 31 March each year for the previous complete financial year.
Where one of the trustees is a trustee corporation, the financial statements must be prepared in accordance with the regulatory and legislative requirements applying to trustee corporations. Where none of the trustees is a trustee corporation, a person who is a member of CPA Australia, the Institute of Chartered Accountants in Australia, or the National Institute of Accountants must prepare the financial statements. The person preparing the financial statements cannot be an immediate family member.
According to section 52ZZZW of the VEA [6], 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 [3].
Financial year, in relation to a company, means:
According to subsection 5Q(1) [6] of the VEA, for the purposes of the means test concession, a parent or immediate family member includes:
Links
[1] https://clik.dva.gov.au/user/login?destination=node/16538%23comment-form
[2] https://clik.dva.gov.au/book/export/html/16538#tgt-cspol_part10_ftn574
[3] https://clik.dva.gov.au/%23
[4] https://clik.dva.gov.au/service-eligibility-assistant-updates/all-determinations-order-date-signed-oldest-most-recent/determinations-under-vea
[5] https://clik.dva.gov.au/book/export/html/16538#ref-cspol_part10_ftn574
[6] http://clik.dva.gov.au/legislation-library