Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A company, registered scheme, registrable superannuation entity 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.
Period for which records must be retained
(2) The financial records must be retained for 7 years after the transactions covered by the records are completed.
Fault - based offence
(3) A person commits an offence if the person contravenes subsection (1) or (2).
(4) A person commits an offence of strict liability if the person contravenes subsection (1) or (2).