40Records to be kept and retained by superannuation provider

#### 40 Records to be kept and retained by superannuation provider Superannuation provider to keep records (1) A superannuation provider must keep records that record and explain all transactions and other acts engaged in by the provider, or required to be engaged in by the provider, under this Act. How records to be kept (2) The records must be kept: (a) in writing in the English language or so as to enable the records to be readily accessible and convertible into writing in the English language; and (b) so that the provider’s liability under this Act can be readily worked out. Period for retention of records (3) A superannuation provider who has possession of any records kept or obtained under or for the purposes of this Act must retain them until the end of 5 years after they were prepared or obtained, or the completion of the transactions or acts to which those records relate, whichever is the later. When records need not be kept (4) This section does not require a superannuation provider to retain records if: (a) the Commissioner has notified the provider that the retention of the records is not required; or (b) the provider is a company that has gone into liquidation and been finally dissolved. Offences (5) A superannuation provider who contravenes this section commits an offence punishable on conviction by a fine of not more than 60 penalty units. > Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. > Note 2: The amount of a penalty unit is stated in section 4AA of the Crimes Act 1914. If a body corporate is convicted of an offence, subsection 4B(3) of that Act allows a court to impose a fine that is not greater than 5 times the maximum fine that could be imposed by the court on an individual convicted of the same offence. > Note 3: In a prosecution for an offence against subsection (5), the defendant bears an evidential burden in relation to the matter in subsection (4) (see subsection 13.3(3) of the Criminal Code).