104Duty to keep records of changes of trustees

104 Duty to keep records of changes of trustees

(1) Each trustee of a superannuation entity must ensure that up‑to‑date records of: (a) all changes of trustees of the entity; and (b) all changes of directors of any corporate trustee of the entity; and (c) all consents given under section 118; are kept and retained for at least 10 years.

Note: Section 166 imposes an administrative penalty for a contravention of subsection (1) in relation to a self managed superannuation fund.

(2) A trustee commits an offence if the trustee contravenes subsection (1). This is an offence of strict liability.

Penalty: 50 penalty units.

Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2: For strict liability, see section 6.1 of the Criminal Code.