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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 286

Obligation to keep financial records

(1) A company, registered scheme 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: Section 9 defines financial records .

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.


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