(1) 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: 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
completed.