SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 12 - DUTIES OF TRUSTEES AND INVESTMENT MANAGERS OF SUPERANNUATION ENTITIES  

SECTION 104   DUTY TO KEEP RECORDS OF CHANGES OF TRUSTEES  

104(1)  


Each trustee of a superannuation entity must ensure that up-to-date records of:


(a) all changes of trustees of the entity; and


(b) all changes of directors of any corporate trustee of the entity; and


(c) all consents given under section 118 ;

are kept and retained for at least 10 years.

Note:

Section 166 imposes an administrative penalty for a contravention of subsection (1) in relation to a self managed superannuation fund.

104(2)  


A trustee commits an offence if the trustee contravenes subsection (1). This is an offence of strict liability.

Penalty: 50 penalty units.

Note 1:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:

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




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