Duty to keep reports

Current

(1)

Each trustee of a regulated superannuation fund or of an approved deposit fund must ensure that:

(a)

copies of all member or beneficiary reports are kept, and retained so long as they are relevant and in any event for at least 10 years; and

(b)

those copies are made available for inspection by a member of the staff of the Regulator if requested to do so by a member of that staff.

Note:

Section 166 imposes an administrative penalty for a contravention of subsection (1) in relation to a self managed superannuation fund.

(2)

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

Penalty: 50 penalty units.

Note 1:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:

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

(3)

In this section:

member or beneficiary report means a report:

(a)

given under this Act, the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 or the governing rules; and

(b)

given in the same form (apart from differences relating to the names and addresses of the persons to whom the notices were given):

(i)

in the case of a regulated superannuation fund—to all members of the fund, or to all members included in a particular class of members; or

(ii)

in the case of an approved deposit fund—to all beneficiaries in the fund, or to all beneficiaries included in a particular class of beneficiaries.

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