SECTION 286 OBLIGATION TO KEEP FINANCIAL RECORDS
286(1) [Obligation to keep records]
(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.
286(3) Strict liability offences.
Note: For strict liability, see section 6.1 of the Criminal Code.
S 286(3) inserted by No 117 of 2001, s 3, Sch 1 (effective 15 December 2001).