Investors have specific record keeping obligations under the Act. Records must be kept in English or in a format that means they can be readily converted into English. Records may be kept in hard copy or electronic form. It is a strict liability offence to fail to keep records as required.
A person must make and keep records of every act, transaction, event or circumstance in accordance with the following table. The details of the act, transaction, event or circumstance taken should be easily ascertained in the records.
|Action, transaction, event or circumstance||Length of time to keep records|
|Any foreign investment action, notifiable action, notifiable national security action or reviewable national security action, to the extent that the records are relevant to an order or decision made by the Treasurer.||5 years after the action is taken|
|An action taken by the person that is specified in an exemption certificate.||5 years after the action is taken|
|Whether the person is complying with a condition in a no objection notification, an exemption certificate, or a notice imposing conditions.||2 years after the condition ceases to apply to the person|
|The disposal of an interest in residential land by the person if the acquisition of the interest by the person:
||5 years after the interest is disposed of by the person|
|Any register notice that the person is required to give to the Registrar.||5 years after the register notice is given to the Registrar|