Section 79 — Superannuation Guarantee (Administration) Act 1992: Records to be kept and retained by employers

(1) An employer must keep records that record and explain all transactions and other acts engaged in by the employer, or required to be engaged in by the employer, under this Act. Note: There is an administrative penalty if you do not keep or retain records as required by this section: see section 288-25 in Schedule 1 to the Taxation Administration Act 1953. (2) The records must include any documents relevant to ascertaining the individual superannuation guarantee shortfalls of the employer for a quarter. (3) The records must be kept: (a) in writing in the English language or so as to enable the records to be readily accessible and convertible into writing in the English language; and (b) so that the employer’s liability under this Act can be readily ascertained. (4) An employer who has possession of any records kept or obtained under or for the purposes of this Act must retain them until the end of 5 years after those records were prepared or obtained, or the completion of the transactions or acts to which those records relate, whichever is later. (5) Nothing in this section requires an employer to retain records if: (a) the Commissioner has notified the employer that the retention of the records is not required; or (b) the employer is a company that has gone into liquidation and been finally dissolved. Note: A defendant bears an evidential burden in relation to the matters in subsection (5), see subsection 13.3(3) of the Criminal Code. (6) An employer who contravenes this section commits an offence punishable on conviction by a fine not exceeding 30 penalty units. Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. (6A) Subsection (6) does not apply to the extent that the person has a reasonable excuse. Note: A defendant bears an evidential burden in relation to the matters in subsection (6A), see subsection 13.3(3) of the Criminal Code. (7) An offence under this section is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code.