Section 286 — Corporations Act 2001: Obligation to keep financial records

(1) A company, registered scheme, registrable superannuation entity or disclosing entity must keep written financial records that: (a) correctly record and explain its transactions and financial position and performance; and (b) would enable true and fair financial statements to be prepared and audited. The obligation to keep financial records of transactions extends to transactions undertaken as trustee. Note 1: Section 9 defines financial records. Note 2: Section 1232A extends this section to keeping financial records for sub-funds of retail and wholesale CCIVs, and applies this Part accordingly. Period for which records must be retained (2) The financial records must be retained for 7 years after the transactions covered by the records are completed. Fault-based offence (3) A person commits an offence if the person contravenes subsection (1) or (2). Strict liability offence (4) A person commits an offence of strict liability if the person contravenes subsection (1) or (2).