105Duty to keep reports

#### 105 Duty to keep reports (1) Each trustee of a regulated superannuation fund or of an approved deposit fund must ensure that: (a) copies of all member or beneficiary reports are kept, and retained so long as they are relevant and in any event for at least 10 years; and (b) those copies are made available for inspection by a member of the staff of the Regulator if requested to do so by a member of that staff. > 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. (3) In this section: > member or beneficiary report means a report: (a) given under this Act, the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 or the governing rules; and (b) given in the same form (apart from differences relating to the names and addresses of the persons to whom the notices were given): (i) in the case of a regulated superannuation fund—to all members of the fund, or to all members included in a particular class of members; or (ii) in the case of an approved deposit fund—to all beneficiaries in the fund, or to all beneficiaries included in a particular class of beneficiaries.