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CORPORATIONS ACT 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.2 - FINANCIAL RECORDS  

SECTION 286  OBLIGATION TO KEEP FINANCIAL RECORDS  

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.

286(3)  Strict liability offences.  

 View history reference

An offence based on 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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