Australian Charities and Not-for-profits Commission Act 2012 (Cwth)

CHAPTER 3 - RESPONSIBILITIES OF REGISTERED ENTITIES  

PART 3-2 - RECORD KEEPING AND REPORTING  

Division 55 - Record keeping  

SECTION 55-5   REGISTERED ENTITIES MUST KEEP RECORDS  
Registered entities must keep records

55-5(1)    
A registered entity must keep written financial records that:

(a)    correctly record and explain its transactions and financial position and performance; and

(b)    enable true and fair financial statements to be prepared and to be audited;

so as to enable any recognised assessment activity to be carried out in relation to the entity.

55-5(2)    
A registered entity must also keep written records that correctly record its operations, so as to enable any recognised assessment activity to be carried out in relation to the entity.

55-5(3)    
The records must be:

(a)    in English; or

(b)    readily accessible and easily convertible into English.

Registered entities must retain records

55-5(4)    
Subject to subsection (5) , the registered entity must retain the records for 7 years after the transactions, operations or acts covered by the records are completed.

55-5(5)    
The Commissioner may notify the entity in writing that it does not need to retain certain records under subsection (4) .

Offence

55-5(6)    
A registered entity commits an offence if the entity does not comply with this section.

Penalty: 20 penalty units.

55-5(7)    
An offence against subsection (6) is an offence of strict liability.

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