Superannuation Industry (Supervision) Act 1993

PART 4 - ACCOUNTS, AUDIT AND REPORTING OBLIGATIONS FOR SUPERANNUATION ENTITIES  

Division 2 - Obligations for registrable superannuation entities  

SECTION 35A   ACCOUNTING RECORDS  

Accounting records must be kept etc.

35A(1)  
Each trustee of a registrable superannuation entity must ensure that:


(a) accounting records that correctly record and explain the transactions and financial position of the RSE licensee for the entity and the entity are kept; and


(b) the accounting records of the RSE licensee and the entity are kept in a way that enables:


(i) the preparation of reporting documents referred to in section 13 of the Financial Sector (Collection of Data) Act 2001 ; and

(ii) the preparation of any other documents required to be audited under the RSE licensee law; and


(c) the accounting records of the RSE licensee and the entity are kept in a way that enables those reporting documents and other documents to be conveniently and properly audited in accordance with the RSE licensee law.

35A(2)  
If accounting records of an RSE licensee or a registrable superannuation entity are kept in accordance with subsection (1), each trustee of the entity must ensure that:


(a) the records are retained for at least 5 years after the end of the year of income to which the transactions relate; and


(b) the records are kept either:


(i) in Australia; or

(ii) in another country if the Regulator gives written approval for the records to be kept in that country, and the conditions (if any) specified in the approval are met; and


(c) the records are kept:


(i) in writing in the English language; or

(ii) in a form in which they are readily accessible and readily convertible into writing in the English language.

35A(3)  
An approval given under subparagraph (2)(b)(ii) may be given subject to specified conditions. Notification of address where accounting records are kept

35A(4)  
A trustee of a registrable superannuation entity must notify APRA, in the approved form, of the address where the accounting records of the RSE licensee and the entity are kept:


(a) if, immediately before the commencement of this subsection, APRA has not already been notified of the current address where the accounting records of the RSE licensee or the entity are kept - within 28 days after that commencement; or


(b) otherwise - within 28 days after the entity is registered under section 29M .

35A(5)  
If:


(a) a trustee of a registrable superannuation entity has notified APRA of the address where the accounting records of the RSE licensee and the entity are kept; and


(b) the entity moves the accounting records to a new address;

a trustee of the entity must notify APRA, in the approved form and within 28 days after the day on which the accounting records are moved to the new address, of the new address where the accounting records are kept.

Offences

35A(6)  
A trustee commits an offence if the trustee contravenes subsection (1), (2), (4) or (5).

Penalty: 100 penalty units.

35A(7)  
A trustee commits an offence of strict liability if the trustee contravenes subsection (1), (2), (4) or (5).

Penalty: 50 penalty units.

Note:

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


 

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