THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82
The Corporations Law is as follows:...

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT

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PART 2M.2 - FINANCIAL RECORDS

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SECTION 286 OBLIGATION TO KEEP FINANCIAL RECORDS

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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.

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CCH Note: Former sec 286A-286B (inserted by No 110 of 1990, Sch 1 (effective 18 December 1990) were repealed by No 61 of 1998, Sch 1 (effective 1 July 1998) and not replaced.

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