Queensland Consolidated Acts Queensland Consolidated Acts(1) A scheme operator must ensure a financial statement showing the following particulars about the retirement village's operation is given, on request, to a resident within 5 months after the end of each financial year—
(a) income and expenditure of the capital replacement fund for the financial year;
(b) income and expenditure of the maintenance reserve fund for the financial year;
(c) expenditure involved in providing each general service for the financial year;
(d) amounts received for insurance claims relating to the retirement village during the financial year;
(e) assets and liabilities relating to the retirement village as at the end of the financial year;
(f) interests, mortgages and other charges affecting the retirement village's property as at the end of the financial year.
Maximum penalty—200 penalty units.
(2) The scheme operator must ensure the statement is audited and an audit report issued under Australian Auditing Standards by any of the following—
(a) a member of CPA Australia who holds a current public practice certificate issued by CPA Australia;
(b) a member of The Institute of Chartered Accountants in Australia who holds a current public practice certificate issued by the Institute;
(c) a member of the National Institute of Accountants who holds a current public practice certificate issued by the Institute;
(d) a registered company auditor.
Maximum penalty—200 penalty units.
(3) The scheme operator must give a copy of the statement to the chief executive within 5 months after the end of each financial year.
Maximum penalty—200 penalty units.