Duty to keep minutes and records
103 Duty to keep minutes and records
If a superannuation entity has a group of individual trustees, the trustees must keep, and retain for at least 10 years, minutes of all meetings of the trustees at which matters affecting the entity were considered.
If there is only one trustee of a superannuation entity:
if the trustee is a corporate trustee—the directors of the trustee must keep, and retain for at least 10 years, minutes of all meetings of the directors at which matters affecting the entity were considered; or
if the trustee is an individual—the trustee must keep, and retain for at least 10 years, a record of all decisions made by the trustee in respect of matters affecting the entity.
The trustee or trustees must also retain for at least 10 years an election, or a copy of an election, under section 71E.
A person commits an offence if the person contravenes subsection (1), (2) or (2A). This is an offence of strict liability.
Penalty: 50 penalty units.
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
For strict liability, see section 6.1 of the Criminal Code.
Section 166 imposes an administrative penalty for a contravention of subsection (1), (2) or (2A) in relation to a self managed superannuation fund.
This Act’s bill:Second reading speech
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