Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.2 - FINANCIAL RECORDS  

SECTION 286   OBLIGATION TO KEEP FINANCIAL RECORDS  

286(1)  
A company, registered scheme 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

286(2)  
The financial records must be retained for 7 years after the transactions covered by the records are completed. Fault-based offence

286(3)  

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

286(4)  

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