The Guides to Social Policy Law is a collection of publications designed to assist decision makers administering social policy law. The information contained in this publication is intended only as a guide to relevant legislation/policy. The information is accurate as at the date listed at the bottom of the page, but may be subject to change. To discuss individual circumstances please contact Services Australia.

9.3.1 PPLSC record keeping

Introduction

The PPLAct requires a superannuation provider (1.1.S.98) to keep records that record and explain all PPLSC transactions and other acts they engage in, or are required to engage in. The PPLAct specifies how the records are to be kept, how long they are to be retained for and when records are not required to be kept.

Act reference: PPLAct section 115S Records to be kept and retained by superannuation provider

How records are to be kept

PPLSC records must be kept in writing in the English language or alternatively kept in a form where they are readily accessible and convertible into writing in the English language.

A superannuation provider commits an offence if records are not kept correctly.

Act reference: PPLAct section 115S(2) How records to be kept

Policy reference: PPL Guide 9.3.2 PPLSC offences & penalties

Retention of records

A superannuation provider must retain any PPLSC records they keep or obtain until the later of:

  • the end of 5 years after they were prepared or obtained, and
  • the completion of the transactions or acts to which the records relate.

The superannuation provider commits an offence if they do not retain records correctly.

Act reference: PPLAct section 115S(3) Period for retention of records

Policy reference: PPL Guide 9.3.2 PPLSC offences & penalties

When records do not need to be kept

A superannuation provider does not need to keep PPLSC records where:

  • they have been notified by the ATO that they are not required to retain the records, or
  • the superannuation provider is a company that has gone into liquidation and been finally dissolved.

Act reference: PPLAct section 115S(4) When records need not be kept

Last reviewed: