Records to be kept and retained by superannuation provider
115S Records to be kept and retained by superannuation provider
Superannuation provider to keep records
A superannuation provider commits an offence if the provider fails to keep records that record and explain all transactions and other acts the provider engages in, or is required to engage in, under this Chapter or the PPL rules made for the purposes of this Chapter.
Penalty: 30 penalty units.
How records to be kept
The superannuation provider commits an offence if the records are not either:
kept in writing in the English language; or
kept so as to enable the records to be readily accessible and convertible into writing in the English language.
Penalty: 30 penalty units.
Period for retention of records
A superannuation provider commits an offence if the provider fails to retain any records kept or obtained under or for the purposes of this Chapter until the later of:
the end of 5 years after they were prepared or obtained; and
the completion of the transactions or acts to which those records relate.
Penalty: 30 penalty units.
When records need not be kept
Subsections (2) and (3) do not apply if:
the Commissioner has notified the superannuation provider that the retention of the records is not required; or
the superannuation provider is a company that has gone into liquidation and been finally dissolved.
In a prosecution for an offence against subsection (2) or (3), the defendant bears an evidential burden in relation to the matters in this subsection (see subsection 13.3(3) of the Criminal Code).
This Act’s bill:Explanatory memorandumSecond reading speech
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