SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 105 Duty to keep reports

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 105

  (1)   Each trustee of a regulated superannuation fund or of an approved deposit fund must ensure that:

  (a)   copies of all member or beneficiary reports are kept, and retained so long as they are relevant and in any event for at least 10 years; and

  (b)   those copies are made available for inspection by a member of the staff of the Regulator if requested to do so by a member of that staff.

Note:   Section   166 imposes an administrative penalty for a contravention of subsection   (1) in relation to a self managed superannuation fund.

  (2)   A trustee commits an offence if the trustee contravenes subsection   (1). This is an offence of strict liability.

Penalty:   50 penalty units.

Note 1:   Chapter   2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:   For strict liability , see section   6.1 of the Criminal Code .

  (3)   In this section:

"member or beneficiary report" means a report:

  (a)   given under this Act, the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 or the governing rules; and

  (b)   given in the same form (apart from differences relating to the names and addresses of the persons to whom the notices were given):

  (i)   in the case of a regulated superannuation fund--to all members of the fund, or to all members included in a particular class of members; or

  (ii)   in the case of an approved deposit fund--to all beneficiaries in the fund, or to all beneficiaries included in a particular class of beneficiaries.