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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 286
Obligation to keep financial records
(1) A company, registered scheme or disclosing entity must keep written
financial records that:
- correctly record and explain its transactions
and financial position and performance; and
- would enable true and fair financial statements to be prepared and
The obligation to keep financial records of transactions extends to
transactions undertaken as trustee.
- Note: Section 9 defines financial records .
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
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