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).
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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