35AEAccounting records

#### 35AE Accounting records Accounting records must be kept etc. (1) Each trustee of a superannuation entity that is a self managed superannuation fund must ensure that: (a) accounting records that correctly record and explain the transactions and financial position of the entity are kept; and (b) the accounting records of the entity are kept in a way that enables the following to be prepared: (i) the accounts and statements of the entity referred to in section 35B; (ii) the returns of the entity referred to in section 35D; and (c) the accounting records of the entity are kept in a way that enables those accounts, statements and returns to be conveniently and properly audited in accordance with this Act. (2) If accounting records of a superannuation entity that is a self managed superannuation fund are kept in accordance with subsection (1), each trustee of the superannuation entity must ensure that: (a) the records are retained for at least 5 years after the end of the year of income to which the transactions relate; and (b) the records are kept in Australia; and (c) the records are kept: (i) in writing in the English language; or (ii) in a form in which they are readily accessible and readily convertible into writing in the English language. Offences (3) A trustee commits an offence if the trustee contravenes subsection (1) or (2). Penalty: 100 penalty units. (4) A trustee commits an offence of strict liability if the trustee contravenes subsection (1) or (2). Penalty: 50 penalty units. > Note: For strict liability, see section 6.1 of the Criminal Code.