SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 4 - ACCOUNTS, AUDIT AND REPORTING OBLIGATIONS FOR SUPERANNUATION ENTITIES  

Division 3 - Obligations for self managed superannuation funds  

SECTION 35AE   ACCOUNTING RECORDS  

Accounting records must be kept etc.

35AE(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.

35AE(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

35AE(3)  
A trustee commits an offence if the trustee contravenes subsection (1) or (2).

Penalty: 100 penalty units.

35AE(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 .




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