Corporations (Aboriginal and Torres Strait Islander) Act 2006
An Aboriginal and Torres Strait Islander corporation 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 reports to be prepared and audited. The obligation to keep financial records of transactions extends to transactions undertaken as trustee.
Penalty: 25 penalty units or imprisonment for 6 months, or both.
Note:
Section 700-1 defines financial records .
Period for which records must be retained
322-10(2)
The financial records must be retained for 7 years after the transactions covered by the records are completed.
Penalty: 25 penalty units or imprisonment for 6 months, or both.
Strict liability offences
322-10(3)
An offence against subsection (1) or (2) is an offence of strict liability.
Note:
For strict liability , see section 6.1 of the Criminal Code .
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