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  • Chapter 4



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

    End of attention


    This chapter details the types of records you need to keep to substantiate your tax assessment.

    Proving your assessment

    You will need to keep receipts, invoices, ledgers and other accounting records of a company or trust that relate to the calculation of its notional assessable income.

    In addition, you will need to keep details of your interest in the company, the interests of your associates and how you worked out the amount you included in your assessable income.

    This chapter also explains the substantiation requirements of the active income test, the use of offshore information notices and the keeping of records of elections.

    Summary of chapter 4


    Part 1

    Part 2

    Part 3

    Part 4


    Record keeping for attribution

    Substantiation for active income test

    Offshore information notice


    Applies to

    Attributable taxpayer

    Attributable taxpayer


    CFC or taxpayer


    Keep records of attributable amount

    Supply accounts and accounting information to Tax Office

    Produce documents

    Make election

    If not done

    Prosecution $3,000

    No offence if not supplied - but CFC fails active income test

    Evidentiary sanction - no documents can be used in evidence without Commissioner's consent

    Treated as if no election made

    Last modified: 05 Dec 2006QC 17522