Australian Charities and Not-for-profits Commission Act 2012 (Cwth)
Registered entities must keep records
55-5(1)
A registered entity must keep written financial records that: (a) correctly record and explain its transactions and financial position and performance; and (b) enable true and fair financial statements to be prepared and to be audited;
so as to enable any recognised assessment activity to be carried out in relation to the entity.
55-5(2)
A registered entity must also keep written records that correctly record its operations, so as to enable any recognised assessment activity to be carried out in relation to the entity.
55-5(3)
The records must be: (a) in English; or (b) readily accessible and easily convertible into English.
Registered entities must retain records
55-5(4)
Subject to subsection (5) , the registered entity must retain the records for 7 years after the transactions, operations or acts covered by the records are completed.
55-5(5)
The Commissioner may notify the entity in writing that it does not need to retain certain records under subsection (4) .
Offence
55-5(6)
A registered entity commits an offence if the entity does not comply with this section.
Penalty: 20 penalty units.
55-5(7)
An offence against subsection (6) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code .
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