SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993
Each trustee of a superannuation entity that is a self managed superannuation fund must ensure that:
(a) accounting records that correctly record and explain the transactions and financial position of the entity are kept; and
(b) the accounting records of the entity are kept in a way that enables the following to be prepared:
(i) the accounts and statements of the entity referred to in section 35B ;
(ii) the returns of the entity referred to in section 35D ; and
(c) the accounting records of the entity are kept in a way that enables those accounts, statements and returns to be conveniently and properly audited in accordance with this Act. 35AE(2)
If accounting records of a superannuation entity that is a self managed superannuation fund are kept in accordance with subsection (1), each trustee of the superannuation 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 in Australia; 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.
A trustee commits an offence if the trustee contravenes subsection (1) or (2).
Penalty: 100 penalty units.35AE(4)
A trustee commits an offence of strict liability if the trustee contravenes subsection (1) or (2).
Penalty: 50 penalty units.
For strict liability, see section 6.1 of the Criminal Code .
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