Document ID: chunk:federal_register_of_legislation:C2004A00753:clause:3_56
Version: federal_register_of_legislation:C2004A00753
Segment Type: clause
Provision Reference: sch 3 cl 56
Character Range: 35733–37254

56  Subsections 113(1) and (2)
Repeal the subsections, substitute:

 (1) For each year of income, the trustee of a superannuation entity must appoint an approved auditor to give the trustee a report, in the approved form, of the operations of the entity for that year. The appointment must be made within whichever of the periods set out in the regulations that apply to the entity.

 (1A) The trustee must give to the auditor any document that the auditor requests, in writing, be given to him or her. The trustee must do so within 14 days of the request. Only documents that are relevant to the preparation of the report may be requested.

 (2) The trustee is guilty of an offence if the trustee contravenes subsection (1) or (1A).

Maximum penalty: Imprisonment for 2 years.

Note: Subsection 4B(2) of the Crimes Act 1914 allows a court to impose an appropriate fine instead of, or in addition to, a term of imprisonment. If a body corporate is convicted of the offence, subsection 4B(3) of that Act allows a court to impose a fine of an amount that is not greater than 5 times the maximum fine that could be imposed by the court on an individual convicted of the same offence.

 (2A) The trustee is guilty of an offence if the trustee contravenes subsection (1) or (1A). This is an offence of strict liability.

Maximum penalty: 50 penalty units.

Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2: For strict liability, see section 6.1 of the Criminal Code.