Document ID: chunk:federal_register_of_legislation:C2025C00139:section:14:p11
Version: federal_register_of_legislation:C2025C00139
Segment Type: section
Provision Reference: s 14 (pt 11/66)
Character Range: 57320–60246

regulation; and
 (iii) entities likely to be affected by the proposed regulation; and
 (iv) the Commissioner; and
 (b) relevant input received as part of that consultation has been taken into account adequately.
 (2) Without limiting, by implication, the form that consultation mentioned in paragraph (1)(a) might take, consultation to which all of the following paragraphs apply is appropriate consultation:
 (a) the consultation involves consultation with the public;
 (b) the consultation involves:
 (i) notifying, directly and by advertisement, the entities mentioned in paragraph (1)(a) of the consultation; and
 (ii) inviting them to make submissions by a specified date and, where necessary, to participate in public hearings to be held concerning the proposed regulation;
 (c) the consultation is facilitated by the Commissioner.
 (3) The fact that consultation does not occur, or that input is not taken into account, does not affect the validity or enforceability of the regulation.
 (4) Section 17 (consultation) of the Legislation Act 2003 does not apply to a regulation proposed to be made for the purposes of subsection 50‑10(1) of this Act.

50‑20  Parliamentary scrutiny of standards
  Despite subsection 12(1) of the Legislation Act 2003, a provision of a regulation made for the purposes of subsection 50‑10(1) of this Act does not commence until the day after the earlier of:
 (a) if both Houses of the Parliament pass a resolution approving the provision—the day the resolution is passed by the second House to do so; and
 (b) the last day on which the regulation could be disallowed in either House, unless:
 (i) the regulation is disallowed; or
 (ii) either House passes a resolution disapproving the provision;
  on or before that day.

Part 3‑2—Record keeping and reporting

Division 55—Record keeping

55‑1  Simplified outline
  The following is a simplified outline of this Division:
      This Division sets out record keeping obligations for registered entities under this Act.

55‑5  Registered entities must keep records

Registered entities must keep records
 (1) A registered entity must keep written financial records that:
 (a) correctly record and explain its transactions and financial position and performance; and
 (b) enable true and fair financial statements to be prepared and to be audited;
so as to enable any recognised assessment activity to be carried out in relation to the entity.
 (2) A registered entity must also keep written records that correctly record its operations, so as to enable any recognised assessment activity to be carried out in relation to the entity.
 (3) The records must be:
 (a) in English; or
 (b) readily accessible and easily convertible into English.

Registered entities must retain records
 (4) Subject to subsection (5), the registered entity must retain the records for 7 years after the transactions, operations or acts covered by the records are