THE CORPORATIONS LAW

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT

PART 2M.2 - FINANCIAL RECORDS

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.