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Proving your assessment

Last updated 4 December 2006

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

Subject

Applies to

Action

If not done

Part 1

Record keeping for attribution

Attributable taxpayer

Keep records of attributable amount

Prosecution $3,000

Part 2

Substantiation for active income test

Attributable taxpayer

Supply accounts and accounting information to Tax Office

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

Part 3

Offshore information notice

Taxpayer

Produce documents

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

Part 4

Elections

CFC or taxpayer

Make election

Treated as if no election made

QC18000