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CORPORATIONS ACT 2001 - SECT 286 Obligation to keep financial records

CORPORATIONS ACT 2001 - SECT 286

Obligation to keep financial records

  (1)   A company, registered scheme, registrable superannuation entity or disclosing entity must keep written financial records that:

  (a)   correctly record and explain its transactions and financial position and performance; and

  (b)   would enable true and fair financial statements to be prepared and audited.

The obligation to keep financial records of transactions extends to transactions undertaken as trustee.

Note 1:   Section   9 defines financial records .

Note 2:   Section   1232A extends this section to keeping financial records for sub - funds of retail and wholesale CCIVs, and applies this Part accordingly.

Period for which records must be retained

  (2)   The financial records must be retained for 7 years after the transactions covered by the records are completed.

Fault - based offence

  (3)   A person commits an offence if the person contravenes subsection   (1) or (2).

Strict liability offence

  (4)   A person commits an offence of strict liability if the person contravenes subsection   (1) or (2).

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