Document ID: chunk:federal_register_of_legislation:C2010C00544:clause:3_35a
Version: federal_register_of_legislation:C2010C00544
Segment Type: clause
Provision Reference: sch 3 cl 35A
Character Range: 139317–141126

35A  Accounting records (all superannuation entities)

 (1) Each trustee of a superannuation entity must ensure that:
 (a) accounting records that correctly record and explain the transactions and financial position of the entity are kept; and
 (b) if the entity is a registrable superannuation entity—the accounts of the entity are kept in a way that enables the preparation of reporting documents referred to in section 13 of the Financial Sector (Collection of Data) Act 2001; and
 (c) if the entity is a self managed superannuation fund—the accounting records of the entity are kept in a way that enables the following to be prepared:
 (i) the accounts and statements of the entity referred to in section 35B;
 (ii) the returns of the entity referred to in section 35D; and
 (d) the accounting records of the entity are kept in a way that enables those accounts, statements and returns to be conveniently and properly audited in accordance with this Act.

 (2) If accounting records of a superannuation entity are kept in accordance with subsection (1), each trustee of the superannuation entity must ensure that:
 (a) the records are retained for at least 5 years after the end of the year of income to which the transactions relate; and
 (b) the records are kept in Australia; and
 (c) the records are kept:
 (i) in writing in the English language; or
 (ii) in a form in which they are readily accessible and readily convertible into writing in the English language.

 (3) A trustee commits an offence if the trustee contravenes subsection (1) or (2).

Penalty: 100 penalty units.

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

Penalty: 50 penalty units.

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