Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997

PART 6 - MISCELLANEOUS  

SECTION 34   RECORDS TO BE KEPT AND RETAINED BY SUPERANNUATION PROVIDER  

34(1)   Superannuation provider to keep records.  

A superannuation provider must keep records that record and explain all transactions and other acts engaged in by the provider, or required to be engaged in by the provider, under this Act.

34(2)   How records to be kept.  

The records must be kept:

(a) in writing in the English language or so as to enable the records to be readily accessible and convertible into writing in the English language; and

(b) so that any liability under this Act of a member of a constitutionally protected superannuation fund of which the provider is the trustee can be readily worked out.

34(3)   Period for retention of records.  

A superannuation provider who has possession of any records kept or obtained under or for the purposes of this Act must retain them until the end of 5 years after they were prepared or obtained, or the completion of the transactions or acts to which those records relate, whichever is the later.

34(4)   When records need not be kept.  

This section does not require a superannuation provider to retain records if the Commissioner has notified the provider that the retention of the records is not required.