55‑5 Registered entities must keep recor55‑5 Registered entities must keep records

#### 55‑5 Registered entities must keep records Registered entities must keep records (1) A registered entity must keep written financial records that: (a) correctly record and explain its transactions and financial position and performance; and (b) enable true and fair financial statements to be prepared and to be audited; so as to enable any recognised assessment activity to be carried out in relation to the entity. (2) A registered entity must also keep written records that correctly record its operations, so as to enable any recognised assessment activity to be carried out in relation to the entity. (3) The records must be: (a) in English; or (b) readily accessible and easily convertible into English. Registered entities must retain records (4) Subject to subsection (5), the registered entity must retain the records for 7 years after the transactions, operations or acts covered by the records are completed. (5) The Commissioner may notify the entity in writing that it does not need to retain certain records under subsection (4). Offence (6) A registered entity commits an offence if the entity does not comply with this section. Penalty: 20 penalty units. (7) An offence against subsection (6) is an offence of strict liability. > Note: For strict liability, see section 6.1 of the Criminal Code.