16Record keeping requirements

16 Record keeping requirements

16 Record keeping requirements

(1) The brand owner of a regulated product must—

(a) prepare records for each financial year in accordance with this section, and

(b) keep the records for at least 6 years following the financial year to which the prescribed records relate, and

(c) make the records available for inspection and copying by an authorised officer on request.

Maximum penalty—

(a) for a corporation—4,000 penalty units and, for a continuing offence, a further 400 penalty units for each day the offence continues, or

(b) for an individual—1,000 penalty units and, for a continuing offence, a further 100 penalty units for each day the offence continues.

(2) Records prepared under this section must include the information prescribed by the regulations, if any.

(3) The regulator may, by written notice to a brand owner, direct the brand owner to, within a specified period—

(a) arrange an independent audit of the records to be carried out by an auditor specified by the regulator, and

(b) provide the auditor’s report to the regulator.

(4) A brand owner must, within the specified period, comply with a direction given under this section.

Maximum penalty—

(a) for a corporation—1,000 penalty units and, for a continuing offence, a further 100 penalty units for each day the offence continues, or

(b) for an individual—200 penalty units and, for a continuing offence, a further 20 penalty units for each day the offence continues.

(5) The regulations may specify information to be included in records by reference to the following—

(a) a brand owner,

(b) a regulated product,

(c) an activity,

(d) an industry.