35BAccounts and statements

35B Accounts and statements

(1) Each trustee of a superannuation entity that is a self managed superannuation fund must, in respect of each year of income of the fund, ensure that the following accounts and statements are prepared in respect of the entity: (a) except where the regulations provide that this paragraph does not apply—a statement of financial position; (b) except where the regulations provide that this paragraph does not apply—an operating statement; (c) the accounts and statements specified in the regulations. (2) The regulations may provide for or in relation to the preparation of accounts and statements covered by subsection (1). If the regulations do so, the accounts and statements covered by subsection (1) must be prepared in accordance with the regulations. (3) The accounts and statements prepared in accordance with subsection (1) must be signed as follows: (a) if there is a single corporate trustee—by: (i) if the corporate trustee has one or 2 directors—each director; or (ii) otherwise—at least half of the directors; or (b) if there is a group of individual trustees—by: (i) if there are only 2 trustees—both trustees; or (ii) otherwise—at least half of the trustees. (4) Each trustee must ensure that the accounts and statements prepared in accordance with subsection (1) are retained for a period of 5 years after the end of the year of income to which they relate. (5) A person commits an offence if the person contravenes this section.

Penalty: 100 penalty units.

(6) A person commits an offence if the person contravenes this section. This is an offence of strict liability.

Penalty: 50 penalty units.

Note 1: For strict liability, see section 6.1 of the Criminal Code.

Note 2: Section 166 imposes an administrative penalty for a contravention of this section.