Document ID: chunk:federal_register_of_legislation:C2025C00185:section:286
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 286
Character Range: 1036152–1037195

286  Obligation to keep financial records
 (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).

Strict liability offence
 (4) A person commits an offence of strict liability if the person contravenes subsection (1) or (2).