TASIn ForceAct
Forest Practices Act 1985
4UAccounting records
Start here
Get a plain-English read of 4U
Turn the raw legal text into a practical explanation grounded in Forest Practices Act 1985.
### 4U Accounting records
> [*\[Section 4U Amended by No. 55 of 2004, s. 25, Applied:01 Jul 2005\]*](/view/html/inforce/2005-07-01/act-2004-055#GS25@Hpa@EN) [*\[Section 4U Inserted by No. 23 of 1999, s. 12, Applied:01 Jul 1999\]*](/view/html/inforce/1999-07-01/act-1999-023#GS12@EN) The Authority must –
>
> > > (a) keep such accounting records as correctly record and explain its transactions, including any transactions as trustee, and financial position; and
> >
> > > (b) keep those records in a manner that –
> > >
> > > > > (i) [*\[Section 4U Amended by No. 55 of 2004, s. 25, Applied:01 Jul 2005\]*](/view/html/inforce/2005-07-01/act-2004-055#GS25@Hpb@EN) allows true and fair accounts of the Authority to be prepared from time to time; and
> > > >
> > > > > (ii) allows its accounts to be conveniently and properly audited or reviewed; and
> > > >
> > > > > (iii) complies with Australian Accounting Standards; and
> >
> > > (c) retain those records for a period of not less than 7 years after the completion of the transaction to which they relate.