Superannuation Industry (Supervision) Act 1993
View history note
Hide history notePt 13 repealed by No 154 of 2007, s 3 and Sch 3 item 9, effective 24 September 2007.
Heading to Pt 13 amended by No 144 of 1995.
(Repealed by No 154 of 2007)
S 112 repealed by No 154 of 2007, s 3 and Sch 3 item 9, effective 24 September 2007.
Act No 154 of 2007, s 3 and Sch 3 item 14, contains the following saving and application provision.
of the
Superannuation Industry (Supervision) Act 1993
applied to the trustee of a superannuation entity in relation to the accounting records of the entity, that subsection continues to apply to the trustee in relation to the records despite the repeal of the subsection.
14 Saving and application provisions
(1)
If, immediately before 24 September 2007
(a)
subsection 111(2); or
(b)
subsection 112(4);
…
S 112 formerly read:
S 112(1) amended by No 53 of 2004, s 3 and Sch 2 items 175 and 176, by substituting
"
Each trustee
"
for
"
The trustee
"
and substituting
"
ensure that the following accounts and statements are prepared in respect of the entity:
"
for
"
prepare the following accounts and statements in respect of the entity:
"
, effective 1 July 2004. S 112(1) amended by No 121 of 2001, s 3 and Sch 2 item 132, by inserting
"
that is a self managed superannuation fund
"
after
"
superannuation entity
"
, effective 1 July 2002. For application provision see history note under s 36(1). S 112(1) amended by No 38 of 1999, No 144 of 1995. S 112(3) amended by No 53 of 2004, s 3 and Sch 2 item 177, by omitting
"
2 or more
"
after
"
a group of
"
in para (c), effective 1 July 2004. S 112(4) amended by No 53 of 2004, s 3 and Sch 2 items 178 and 179, by substituting
"
Each trustee must ensure that
"
for
"
The trustee must retain
"
and inserting
"
are retained
"
after
"
subsection (1)
"
, effective 1 July 2004. Maximum penalty: 100 penalty units. S 112(5) and (6) substituted for s 112(5) by No 160 of 2000, s 3 and Sch 3 item 55, effective 18 January 2001. S 112(5) formerly read: Maximum penalty: 50 penalty units. Chapter 2 of the
Criminal Code
sets out the general principles of criminal responsibility. For
strict liability
, see section
6.1
of the
Criminal Code
.
SECTION 112 ACCOUNTS AND STATEMENTS
112(1)
Each trustee of a superannuation entity that is a self managed superannuation fund must, in respect of each year of income of the entity, ensure that the following accounts and statements are prepared in respect of the entity:
(a)
except where the regulations provide that this paragraph does not apply
-
a statement of financial position;
(b)
except where the regulations provide that this paragraph does not apply
-
an operating statement;
(ba)
except where the regulations provide that this paragraph does not apply
-
a statement of cash flows;
(c)
such accounts and statements as are specified in the regulations.
112(2)
The regulations may make provision for or in relation to the preparation of accounts and statements covered by subsection (1). If the regulations make such provision, the accounts and statements covered by subsection (1) must be prepared in accordance with the regulations.
112(3)
The accounts and statements prepared in accordance with subsection (1) must be signed as follows:
(a)
if there is a single corporate trustee
-
by at least 2 directors of the corporate trustee;
(b)
if there is a single individual trustee
-
by that trustee;
(c)
if there is a group of individual trustees
-
by at least 2 of those trustees.
112(4)
Each trustee must ensure that the accounts and statements prepared in accordance with subsection (1) are retained for a period of 5 years after the end of the year of income to which they relate.
112(5)
A person is guilty of an offence if the person contravenes this section.
112(5)
A person who intentionally or recklessly contravenes this section is guilty of an offence punishable on conviction by a fine not exceeding 100 penalty units.
112(6)
A person is guilty of an offence if the person contravenes this section. This is an offence of strict liability.
Note 1:
Note 2:
S 112(5) and (6) substituted for s 112(5) by No 160 of 2000, s 3 and Sch 3 item 55, effective 18 January 2001.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.