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Hide history notePt 13 repealed by No 154 of 2007, s 3 and Sch 3 item 9, effective 24 September 2007.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(Repealed by No 154 of 2007)
S 111 repealed by No 154 of 2007, s 3 and Sch 3 item 9, effective 24 September 2007.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.
14 Saving and application provisions
(1)
If, immediately before 24 September 2007
(a)
subsection 111(2); or
(b)
subsection 112(4);
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.
…
S 111 formerly read:
S 111(1) amended by No 53 of 2004, s 3 and Sch 2 items 160 to 168, by substituting ``Each trustee of a superannuation entity must ensure that:
'
'
for ``The trustee of a superannuation entity must:
'
'
, omitting ``keep
'
'
before ``such accounting records
'
'
and inserting ``are kept
'
'
after ``entity
'
'
in para (a), omitting ``so keep
'
'
before ``its accounts
'
'
and inserting ``are so kept
'
'
after ``accounts
'
'
in para (aa), omitting ``so keep
'
'
before ``its accounting records
'
'
and inserting ``are kept
'
'
after ``records
'
'
in para (b), omitting ``so keep
'
'
before ``its accounting records
'
'
and inserting ``are kept
'
'
after ``records
'
'
in para (c), effective 1 July 2004. S 111(1) amended by No 121 of 2001, s 3 and Sch 2 items 130A, 131 and 131A, by inserting para (aa), inserting ``if the entity is a self managed superannuation fund
-
'
'
in para (b), and substituting ``36A
'
'
for ``36
'
'
in para (b)(ii), effective 1 July 2002. For application provision see history note under s 36(1). S 111(2) amended by No 53 of 2004, s 3 and Sch 2 items 169 to 173, by substituting ``each trustee
'
'
for ``the trustee
'
'
, substituting ``must ensure that:
'
'
for ``must:
'
'
, substituting ``the records are retained
'
'
for ``retain the records
'
'
in para (a), substituting ``the records are
'
'
for ``cause the records to be
'
'
in para (b) and substituting ``the records are kept
'
'
for ``keep the records
'
'
in para (c), effective 1 July 2004. Maximum penalty: 100 penalty units. S 111(3) amended by No 53 of 2004, s 3 and Sch 2 item 174, by substituting ``A trustee
'
'
for ``The trustee
'
'
, effective 1 July 2004. S 111(3) and (4) substituted for s 111(3) by No 160 of 2000, s 3 and Sch 3 item 54, effective 18 January 2001. S 111(3) 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 111 ACCOUNTING RECORDS
111(1)
Each trustee of a superannuation entity must ensure that:
(a)
such accounting records as correctly record and explain the transactions and financial position of the entity are kept; and
(aa)
if the entity is not a self managed superannuation fund
-
its accounts are so kept as to enable the preparation of reporting documents referred to in section 13 of the
Financial Sector (Collection of Data) Act 2001
; and
(b)
if the entity is a self managed superannuation fund
-
its accounting records are kept so as to enable the following to be prepared:
(i)
the accounts and statements of the entity mentioned in section
112
;
(ii)
the returns of the entity mentioned in section 36A; and
(c)
its accounting records are kept so as to enable those accounts, statements and returns to be conveniently and properly audited in accordance with this Act.
111(2)
If accounting records of a superannuation entity are kept in accordance with subsection (1), each trustee of the superannuation entity must ensure that:
(a)
the records are retained for at least 5 years after the end of the year of income to which the transactions relate; and
(b)
the records are kept in Australia; and
(c)
the records are kept:
(i)
in writing in the English language; or
(ii)
in a form in which they are readily accessible and readily convertible into writing in the English language.
111(3)
A trustee is guilty of an offence if the trustee contravenes subsection (1) or (2).
111(3)
A person who intentionally or recklessly contravenes subsection (1) or (2) is guilty of an offence punishable on conviction by a fine not exceeding 100 penalty units.
111(4)
A trustee is guilty of an offence if the trustee contravenes subsection (1) or (2). This is an offence of strict liability.
Note 1:
Note 2:
S 111(4) amended by No 53 of 2004, s 3 and Sch 2 item 174, by substituting ``A trustee ' ' for ``The trustee ' ' , effective 1 July 2004.
S 111(3) and (4) substituted for s 111(3) by No 160 of 2000, s 3 and Sch 3 item 54, effective 18 January 2001.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.