Commonwealth Consolidated Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 104

  (1)   Each trustee of a superannuation entity must ensure that up - to - date records of:

  (a)   all changes of trustees of the entity; and

  (b)   all changes of directors of any corporate trustee of the entity; and

  (c)   all consents given under section   118;

are kept and retained for at least 10 years.

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 .