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  • Are you required to keep accounting records for exempting receipts and exempting profits?



    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    The law does not set out the records that have to be kept to identify exempting receipts and exempting profits. However, a taxpayer who asserts that a part of a dividend paid by an unlisted country company is paid from exempting profits has to maintain adequate records to substantiate this claim.

    Last modified: 05 Dec 2006QC 17522