22HRecords to be kept

22H Records to be kept

(1) A corporation that is or was required to provide a report under section 22G for a financial year must keep records of the corporation’s activities that: (a) allow the corporation to report accurately under section 22G; and (b) enable the Regulator to ascertain whether the corporation has complied with the corporation’s obligations under section 22G; and (c) comply with the requirements of subsection (2) and the regulations made for the purposes of subsection (3).

Civil penalty: 1,000 penalty units.

(2) The corporation must retain the records for 5 years from the end of the financial year in which the activities take place. (3) The regulations may specify requirements relating to: (a) the kinds of records; and (b) the form of records; that must be kept under subsection (1).