Key messages

  • Class B cemetery trusts must submit a financial report to the department each year.
  • The financial report is known as an abstract of accounts.
  • Depending on the total income of the trust, you may be required to have your financials reviewed by an independent professional accountant or auditor.

Under s. 52 of the Cemeteries and Crematoria Act 2003, cemetery trusts are required to submit a financial report each year to the department by 1 September. The report, known as the abstract of accounts, is to give a true and fair view of the financial position and performance of a trust, for the reporting period.

All sections of the abstract are to be completed or where appropriate, marked N/A (not applicable) or NIL. Copies of bank and investment account statements relating to the reporting period are to be submitted with the abstract.

The trust is asked to ensure all sections of the Abstract form are completed and that information entered relates to cemetery operations e.g. number of graves sold and interments that have occurred in the financial, not calendar year.

The abstract contains a statutory declaration, which is to be signed by two trust members (the current chairperson and one other current trust member) and an authorised witness, prior to it being submitted.

Trusts with an annual income or expenditure of $250,000 up to $1 million (inclusive) are to have their financials reviewed in accordance with the Australian Auditing Standards on Review Engagement by a professionally recognised accountant.

Trusts with an annual income or expenditure of above $1 million are to have their financials audited by a registered auditor or a professionally recognised accountant.

If a review or audit report is required, a copy of this report must also be submitted with the abstract.

A checklist has been developed to assist trusts with the preparation and submission of the abstract of accounts.