S 111 repealed by No 154 of 2007, s 3 and Sch 3 item 9, effective 24 September 2007.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:
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.
History
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
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'
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).
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.
History
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.
111(3)
A trustee is guilty of an offence if the trustee contravenes subsection (1) or (2).
Maximum penalty: 100 penalty units.
History
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:
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.
Maximum penalty: 50 penalty units.
Note 1:
Chapter 2 of the
Criminal Code
sets out the general principles of criminal responsibility.
Note 2:
For
strict liability
, see section
6.1
of the
Criminal Code
.
History
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.
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