TAXATION ADMINISTRATION ACT 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 5 - Administration  

PART 5-35 - REGISTRATION AND SIMILAR PROCESSES FOR VARIOUS TAXES  

Division 426 - Process of endorsing charities and other entities  

Subdivision 426-D - Public and private ancillary funds  

Suspension and removal of trustees

SECTION 426-165   PROPERTY VESTED IN ACTING TRUSTEE - FORMER TRUSTEES ' OBLIGATIONS RELATING TO BOOKS, IDENTIFICATION OF PROPERTY AND TRANSFER OF PROPERTY  

Books

426-165(1)  
An entity commits an offence if:


(a) the Commissioner makes an order under subsection 426-150(1) or (2) vesting the property of an *ancillary fund in an acting trustee; and


(b) just before the Commissioner made the order, the property was vested in:


(i) the entity (the former trustee ); or

(ii) 2 or more entities (the former trustees ), including the entity; and


(c) the former trustee or former trustees do not, within 14 days of the Commissioner making the order, give the acting trustee all books (within the meaning of the Corporations Act 2001 ) relating to the fund ' s affairs that are in the former trustee ' s or former trustees ' possession, custody or control.

Penalty: 50 penalty units.

Identification of property and transfer of property

426-165(2)  
Subsections (3) to (5) apply if:


(a) the property of an *ancillary fund is vested in an entity (the former trustee ) or entities (the former trustees ); and


(b) the Commissioner makes an order under subsection 426-150(1) or (2) vesting the property in an acting trustee.

426-165(3)  
The acting trustee may, by notice in writing to the former trustee or former trustees, require the former trustee or former trustees, so far as the former trustee or former trustees can do so:


(a) to identify property of the fund; and


(b) to explain how the former trustee or former trustees have kept account of that property.

426-165(4)  
The acting trustee may, by notice in writing to the former trustee or former trustees, require the former trustee or former trustees to take specified action that is necessary to bring about a transfer of specified property of the fund to the acting trustee.

426-165(5)  
The former trustee, or each of the former trustees, commits an offence if:


(a) the acting trustee gives the former trustee or former trustees a notice under subsection (3) or (4); and


(b) the former trustee or former trustees do not, within 28 days of the notice being given, comply with the requirement in the notice.

Penalty: 50 penalty units.

Strict liability

426-165(6)  
Subsections (1) and (5) are offences of strict liability.

Note:

For strict liability, see section 6.1 of the Criminal Code .




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