Corporations Regulations 2001

CHAPTER 5D - LICENSED TRUSTEE COMPANIES  

PART 5D.2 - POWERS ETC OF LICENSED TRUSTEE COMPANIES  

Division 2.1 - Annual Information Returns  

REGULATION 5D.2.01   OBLIGATION ON LICENSED TRUSTEE COMPANY TO PROVIDE AN ANNUAL INFORMATION RETURN IF REQUESTED  

5D.2.01(1)    
For section 601SAB of the Act, this regulation prescribes the obligation of a licensed trustee company to provide an annual information return.

5D.2.01(2)    
The licensed trustee company commits an offence if:

(a) a person mentioned in subregulation (3) requests an annual information return; and

(b) the company does not provide the return to the person in accordance with the requirements in subregulations (5), (6) and (8) and regulation 5D.2.02 .

Penalty: 500 penalty units.

5D.2.01(2A)    

A person commits an offence if the person is involved in a contravention of subregulation (1) by a licensed trustee company.

Penalty:

(a) for an individual - 50 penalty units; and

(b) for a body corporate - 500 penalty units.

5D.2.01(3)    
A person may request an annual information return if the person is one of the following:

(a) in the case of the estate of a deceased person:

(i) if the person died testate - a beneficiary under the deceased person ' s will; or

(ii) if the person died intestate - a person who, under a law of a State or Territory, has, is entitled to, or claims to be entitled to, an interest in the deceased person ' s estate; or

(iii) a person who has commenced a proceeding in a court, under a law of a State or Territory, to seek to be included as a beneficiary of the deceased person ' s estate;

(b) in relation to a charitable trust:

(i) the settlor, or one of the settlors, of the trust; or

(ii) a person who, under the terms of the trust, has power to appoint or remove a trustee of the trust or to vary (or cause to be varied) any of the terms of the trust; or

(iii) a person, or a person ' s appointed successor, who is named in the instrument establishing the trust as a person who must, or may, be consulted by the trustee or trustees before distributing or applying money or other property for the purposes of the trust;

(c) in the case of any other trust:

(i) the settlor, or one of the settlors, of the trust; or

(ii) a person who, under the terms of the trust, has power to appoint or remove a trustee of the trust or to vary (or cause to be varied) any of the terms of the trust; or

(iii) a beneficiary of the trust.

5D.2.01(4)    
The person must make the request for an annual information return in writing to the licensed trustee company and may indicate in the request which one of the following forms of return is required:

(a) by sending it to the person ' s postal address;

(b) by emailing it to a nominated email address.

5D.2.01(5)    
The annual information return must be provided within 30 days after the request from the person is received by the licensed trustee company, and then annually.

5D.2.01(6)    
The annual information return must be for the last financial year that the licensed trustee company has provided a service to the person who has requested the return.

5D.2.01(7)    
However, the licensed trustee company is not required to provide an annual information return covering a period:

(a) before 1 July 2010; or

(b) before it provided a service to the person.

5D.2.01(8)    
The annual information return must be provided as follows:

(a) if requested in a particular form - in the form requested;

(b) in all other cases - by sending it to the person ' s postal address.