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SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 No. 78, 1993 - SECT 112
Accounts
112.(1) The trustee of a superannuation entity must, in respect of each year
of income of the entity, prepare the following accounts and statements in
respect of the entity:
(a) except where the regulations provide that this paragraph does not
apply-a statement of financial position;
(b) except where the regulations provide that this paragraph does not
apply-an operating statement;
(c) such accounts and statements as are specified in the regulations.
(2) The regulations may make provision for or in relation to the preparation
of accounts and statements covered by subsection (1). If the regulations make
such provision, the accounts and statements covered by subsection (1) must be
prepared in accordance with the regulations.
(3) The accounts and statements prepared in accordance with subsection (1)
must be signed as follows:
(a) if there is a single corporate trustee-by at least 2 directors of the
corporate trustee;
(b) if there is a single individual trustee-by that trustee;
(c) if there is a group of 2 or more individual trustees-by at least 2 of
those trustees.
(4) The trustee must retain the accounts and statements prepared in accordance
with subsection (1) for a period of 5 years after the end of the
year of income to which they relate.
(5) A person who intentionally or recklessly contravenes this section is
guilty of an offence punishable on conviction by a fine not exceeding 100
penalty units.
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