Corporations Act 2001
A company, registered scheme or disclosing entity must keep written financial records that: (a) correctly record and explain its transactions and financial position and performance; and (b) would enable true and fair financial statements to be prepared and audited.
The obligation to keep financial records of transactions extends to transactions undertaken as trustee.
Note 1: Section 9 defines financial records .
Note 2: Section 1232A extends this section to keeping financial records for sub-funds of retail and wholesale CCIVs, and applies this Part accordingly.
The financial records must be retained for 7 years after the transactions covered by the records are completed. Fault-based offence 286(3)
A person commits an offence if the person contravenes subsection (1) or (2) .
A person commits an offence of strict liability if the person contravenes subsection (1) or (2) .
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