CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW
82
The Corporations Law is as follows:...
CHAPTER 2M - FINANCIAL REPORTS AND AUDIT
History
Chapter 2M inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).
PART 2M.2 - FINANCIAL RECORDS
History
Part 2M.2 inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).
SECTION 286
OBLIGATION TO KEEP FINANCIAL RECORDS
286(1)
(Obligation to keep records)
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
.
286(2)
Period for which records must be retained.
The financial records must be retained for 7 years after the transactions covered by the records are completed.
History
S 286 substituted by No 61 of 1998, Sch 1 (effective 1 July 1998).
CCH Note:
Former sec 286A-286B (inserted by No 110 of 1990, Sch 1 (effective 18 December 1990) were repealed by No 61 of 1998, Sch 1 (effective 1 July 1998) and not replaced.