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)    

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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.

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History

S 104(1) amended by No 11 of 2014, s 3 and Sch 2 item 14, by inserting a note at the end, applicable to contraventions that occur on or after 1 July 2014.

S 104(1) substituted by No 53 of 2004, s 3 and Sch 2 item 131, effective 1 July 2004. S 104(1) formerly read:

104(1)
The trustee of a superannuation entity must keep, and retain for at least 10 years, up-to-date records of all changes of trustees, and changes of directors of any corporate trustee, of the entity and of all consents given under s 118 .

104(2)    

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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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History

S 104(2) amended by No 82 of 2010 (as amended by No 136 of 2012), s 3 and Sch 6 item 55, by substituting " Penalty " for " Maximum penalty " in the penalty, effective 27 July 2010.

S 104(2) amended by No 53 of 2004, s 3 and Sch 2 item 132, by substituting " A trustee " for " The trustee " , effective 1 July 2004.

S 104(2) substituted by No 160 of 2000, s 3 and Sch 3 item 50, effective 18 January 2001. S 104(2) formerly read:

104(2)
A person who intentionally or recklessly contravenes subsection (1) is guilty of an offence punishable on conviction by a fine not exceeding 50 penalty units.

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