Veterans (Patriotic Funds) Regulations 2008

Veterans (Patriotic Funds) Regulations 2008 S.R. No. 19/2008 TABLE OF PROVISIONS Regulation Page 1 Objective 1 2 Authorising provision 1 3 Revocation 1 4 Definition 2 5 Prescribed class of patriotic funds 2 6 Prescribed time limit 2 ═══════════════ ENDNOTES 3 i -- 1 of 4 -- STATUTORY RULES 2008 S.R. No. 19/2008 Veterans Act 2005 Veterans (Patriotic Funds) Regulations 2008 The Lieutenant-Governor as the Governor's deputy with the advice of the Executive Council makes the following Regulations: Dated: 1 April 2008 Responsible Minister: TONY ROBINSON Minister for Consumer Affairs RYAN HEATH Clerk of the Executive Council 1 Objective The objective of these Regulations is to prescribe— (a) a class of patriotic fund the trustees of which are not required to arrange for the auditing of financial documents; and (b) a time limit for the payment of patriotic fund money into an account with an ADI. 2 Authorising provision These Regulations are made under section 86 of the Veterans Act 2005. 3 Revocation The Veterans (Patriotic Funds) Regulations 20061 are revoked. 1 -- 2 of 4 -- S.R. No. 19/2008 Veterans (Patriotic Funds) Regulations 2008 r. 4 4 Definition In these Regulations— the Act means the Veterans Act 2005. 5 Prescribed class of patriotic funds For the purposes of section 42(3) of the Act, the prescribed class of patriotic fund for which the trustees are not required to arrange for the documents specified in section 42(2) of the Act to be audited is patriotic funds with a gross income that does not exceed $10 000 for the year or part of a year ending on 30 June or a different day specified by the Director. Note Section 42(4) of the Act provides that despite section 42(3) of the Act, if the financial documents relate to the year or part of a year ending on the day of the closing or winding up of the patriotic fund, the documents must be duly audited. 6 Prescribed time limit For the purposes of section 45(1) of the Act, the prescribed time by which money received by, or on behalf of, the trustees of a patriotic fund must be paid into an ADI is 7 days from the date on which the money was received by, or on behalf of, the trustees of the patriotic fund. ═══════════════ 2 -- 3 of 4 -- S.R. No. 19/2008 Veterans (Patriotic Funds) Regulations 2008 Endnotes ENDNOTES 1 Reg. 3: S.R. No. 108/2006. 3 -- 4 of 4 --