SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 35AE Accounting records

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 35AE

Accounting records must be kept etc.

  (1)   Each trustee of a superannuation entity that is a self managed superannuation fund must ensure that:

  (a)   accounting records that correctly record and explain the transactions and financial position of the entity are kept; and

  (b)   the accounting records of the entity are kept in a way that enables the following to be prepared:

  (i)   the accounts and statements of the entity referred to in section   35B;

  (ii)   the returns of the entity referred to in section   35D; and

  (c)   the accounting records of the entity are kept in a way that enables those accounts, statements and returns to be conveniently and properly audited in accordance with this Act.

  (2)   If accounting records of a superannuation entity that is a self managed superannuation fund are kept in accordance with subsection   (1), each trustee of the superannuation entity must ensure that:

  (a)   the records are retained for at least 5 years after the end of the year of income to which the transactions relate; and

  (b)   the records are kept in Australia; and

  (c)   the records are kept:

  (i)   in writing in the English language; or

  (ii)   in a form in which they are readily accessible and readily convertible into writing in the English language.

Offences

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

Penalty:   100 penalty units.

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

Penalty:   50 penalty units.

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