sec.31Keeping financial records

sec.31 Keeping financial records

This section applies to each of the following entities— a charity registered under this Act; an association whose objects are a community purpose sanctioned under this Act. The entity must— keep financial records correctly recording and explaining its financial transactions, financial performance and financial position; and keep the financial records in a way that— enables a true and fair financial statement to be prepared; and if the entity is required under section 32 to have the financial statement for a reportable financial year audited or verified—enables the financial statement to be conveniently and properly audited or verified. Maximum penalty—20 penalty units. A regulation may prescribe particular financial records to be kept by an entity mentioned in subsection (1) . s 31 amd 1990 No. 80 s 3 sch 6 ; 1990 No. 85 s 5 sch 2 ; 2000 No. 24 s 32 ; 2001 No. 45 s 29 sch 3 ; 2005 No. 14 s 2 sch ; 2006 No. 9 s 14 ; 2013 No. 39 s 43 sch 1 sub 2020 No. 17 s 54 (sec.31-ssec.1) This section applies to each of the following entities— a charity registered under this Act; an association whose objects are a community purpose sanctioned under this Act. (sec.31-ssec.2) The entity must— keep financial records correctly recording and explaining its financial transactions, financial performance and financial position; and keep the financial records in a way that— enables a true and fair financial statement to be prepared; and if the entity is required under section 32 to have the financial statement for a reportable financial year audited or verified—enables the financial statement to be conveniently and properly audited or verified. Maximum penalty—20 penalty units. (sec.31-ssec.3) A regulation may prescribe particular financial records to be kept by an entity mentioned in subsection (1) .

• (a) a charity registered under this Act;
• (b) an association whose objects are a community purpose sanctioned under this Act.
• (a) keep financial records correctly recording and explaining its financial transactions, financial performance and financial position; and
• (b) keep the financial records in a way that— (i) enables a true and fair financial statement to be prepared; and (ii) if the entity is required under section 32 to have the financial statement for a reportable financial year audited or verified—enables the financial statement to be conveniently and properly audited or verified.
• (i) enables a true and fair financial statement to be prepared; and
• (ii) if the entity is required under section 32 to have the financial statement for a reportable financial year audited or verified—enables the financial statement to be conveniently and properly audited or verified.
• (i) enables a true and fair financial statement to be prepared; and