Superannuation (Unclaimed Money and Lost Members) Act 1999
A superannuation provider must keep records that record and explain all transactions and other acts engaged in by the provider, or required to be engaged in by the provider, under this Act.48(2) How records to be kept.
The records must be kept in writing in the English language or so as to enable the records to be readily accessible and convertible into writing in the English language.48(3) Period for retention of records.
(a) the end of 5 years after they were prepared or obtained; or
(b) the completion of the transactions or acts to which those records relate. 48(4) When records need not be kept.
This section does not require a superannuation provider to retain records if the Commissioner has notified the provider that the retention of the records is not required.48(5) Offence.
A superannuation provider commits an offence if the superannuation provider fails to comply with an obligation set out in this section.
Penalty for contravention of this subsection: 60 penalty units.
In a prosecution for an offence against subsection (5), the defendant bears an evidential burden in relation to the matter in subsection (4) (see subsection 13.3(3) of the Criminal Code ).
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.