Superannuation Industry (Supervision) Act 1993
PART 12 - DUTIES OF TRUSTEES AND INVESTMENT MANAGERS OF SUPERANNUATION ENTITIES
SECTION 105 DUTY TO KEEP REPORTS
105(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.
View history note
Hide history note105(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 .
105(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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